$5.1 Billion Pension Fund CIO Joins Nonprofit Focused on Bitcoin Adoption

Today, the Proof of Workforce Foundation, a 501(c)(4) tax-exempt nonprofit organization, 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 is being tapped to further amplify the Foundation’s mission to promote meaningful, education-based Bitcoin adoption among employee organizations.

Ajit Singh joins the board from his current role as Chief Investment Officer of the Houston Firefighters Relief and Retirement Fund, a $5.1 billion pension fund and the first in the US to add Bitcoin directly to its balance sheet in 2021. Singh has also served as Chief Risk Officer and Deputy CIO for the United Nations Joint Staff Pension Fund (UNJSPF), where he manages a global pension fund with approximately 144,000 participants across 25 UN organizations. affiliated organizations.

“As institutions continue to learn more 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, whose greatest attributes were discovered through meaningful learning. Proof of Workforce is well-equipped to be a trusted resource for any organization, institution, state or city seeking to build a strong and healthy workforce.”

Raphael Zagury, the Chief Investment Officer and Head of Research at Swan Bitcoin, will also join the board. Zagury is known for creating The Nakamoto Portfolio, an open-source software tool that demonstrates Bitcoin’s impact on fund portfolios. His extensive background includes co-founding Open Co, a leading Brazilian fintech, and serving in leadership roles at Goldman Sachs, Deutsche Bank and Merrill Lynch in New York.

“This dynamic addition to our Board of Directors positions us as a high-level global resource for any pension fund, union, workforce organization or government agency interested in meaningful, education-based Bitcoin adoption,” said Proof of Workforce Founder and Chairman, Dom Bei. “Ajit and Rapha come to us with an overwhelming wealth of experience in both Bitcoin and traditional finance. From Ajit’s work in 2021, as the first CIO of a US pension fund to introduce Bitcoin directly into the portfolio, to Raphael’s creation of the first open-source portfolio analysis tool for Bitcoin on the balance sheet, our board’s experience with Bitcoin- firsts has generally been broad. deepened.”

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

The Foundation’s board, which includes prominent Bitcoiners Joe Carlasare, Lisa Hough, Chris Alaimo and Magdalena Gronowska, has diverse expertise in the fields of law, energy, multimedia and mining. In addition, the Foundation announced that Blue Collar Bitcoin’s Josh and Dan will step down from the board but remain involved with the organization, and thanked them for their leadership and support at the Foundation.

Proof of Workforce Foundation says it offers all services for free. More information about the organization can be found on their website here.

Leave a Comment