June 21, 2024
1 Solar System Way, Planet Earth, USA

CIO of $5.1B Pension Fund Joins Nonprofit Focused on Bitcoin Adoption

Today, the Proof of Workforce Foundation, a 501(c)(4) tax-exempt nonprofit organization, has announced the addition of two distinguished members to its board of directors: Ajit Singh and Raphael Zagury, according to a press release sent to Bitcoin. Magazine. This duo joins to further strengthen the Foundation's mission of promoting meaningful education-based Bitcoin adoption among labor organizations.

Ajit Singh joins the board from his current role as chief investment officer of the Houston Firefighters Retirement and Relief Fund, a $5.1 billion pension fund and the first in the US to add Bitcoin directly to its balance sheet in 2021. Singh also served as Chief Risk Officer and Deputy CIO of the United Nations Joint Staff Pension Fund (UNJSPF), managing a global pension fund with approximately 144,000 participants in 25 United Nations countries. member organizations.

“As institutions continue to learn about Bitcoin, I am excited to bring my experience to the Proof of Workforce Nonprofit board of directors,” said Singh. “Bitcoin was created for everyday workers, and its greatest attributes are discovered through meaningful learning. “Proof of Workforce is well equipped as a trusted resource for any organization, institution, state or city, in the pursuit of a strong and healthy workforce.”

Raphael Zagury, chief investment officer and head of research at Swan Bitcoin, also joins the board. Zagury is known for creating The Nakamoto Portfolio, an open source software tool that demonstrates the impact of Bitcoin on fund portfolios. His extensive experience includes co-founding Open Co, a leading Brazilian fintech, and holding executive positions at Goldman Sachs, Deutsche Bank and Merrill Lynch in New York.

“This dynamic addition to our Board of Directors positions us as a top-level global resource for any pension fund, union, labor organization, or government agency interested in meaningful education-based Bitcoin adoption,” stated Proof Founder and Founder of Workforce. President Dom Bei. “Ajit and Rapha join us with overwhelming experience in both Bitcoin and traditional finance. From Ajit's work in 2021 as the first US pension CIO to introduce Bitcoin directly into its portfolio, to Raphael's creation of the first open source portfolio analysis tool for Bitcoin in the On balance, the experience of our board of directors in the early days of Bitcoin has been greatly deepened.”

Proof of Workforce has already made significant progress in promoting Bitcoin adoption. The Foundation played a vital role in helping Vacaville firefighters become the second union in the US to buy and hold Bitcoin on its balance sheet, and helped the Humboldt Bay Firefighters become the third union to do it. And internationally, the Foundation helped the Salvadoran firefighters association, AproBomberos, also keep Bitcoin on its balance sheet.

The Foundation's board of directors, which includes prominent Bitcoiners Joe Carlasare, Lisa Hough, Chris Alaimo and Magdalena Gronowska, has diverse expertise in law, energy, multimedia and mining. Additionally, the Foundation announced that Josh and Dan of Blue Collar Bitcoin will be leaving the board of directors, but will remain involved with the organization, and thanked them for their leadership and support while at the Foundation.

Proof of Workforce Foundation says it provides all services at no cost. You can find more information about the organization on their website. here.

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