CIO of $5.1 billion pension fund joins non-profit focused on Bitcoin adoption
Today, Proof of Workforce Foundation, a 501(c)(4) tax-exempt nonprofit organization, announced the addition of two prominent members to its Board of Directors: Ajit Singh and Raphael Zagury. magazine. The duo is emerging to further the foundation’s mission to foster meaningful, education-based Bitcoin adoption in workforce organizations.
Ajit Singh joins the board after serving as Chief Investment Officer of the Houston Firefighters Relief and Retirement Fund, a $5.1 billion pension fund and the first in the country to directly add Bitcoin to its balance sheet in 2021. Singh is also Chief Risk Officer and Deputy CIO of the United Nations Joint Staff Pension Fund (UNJSPF), where he manages a global pension fund of approximately 144,000 participants across 25 UN member organizations.
“I am excited to bring my experience to the Proof of Workforce nonprofit board as institutions continue to learn about Bitcoin,” said Singh. “Bitcoin was created for everyday workers, with its greatest characteristics discovered through meaningful learning. Proof of Workforce is well-equipped to be a trusted resource for any organization, agency, state or city seeking a strong, healthy workforce.”
Raphael Zagury, Chief Investment Officer and Head of Research at Swan Bitcoin, also joined the Board of Directors. Zagury is famous for creating 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 company, and holding executive positions at Goldman Sachs, Deutsche Bank and Merrill Lynch in New York.
“This dynamic addition to the board positions us as a high-level, global resource for any pension fund, union, workforce organization or government agency interested in meaningful, education-based adoption of Bitcoin. ,” said Proof of Workforce founder and official. Chairman Dom Bay. “Ajit and Rapha join us with an overwhelming wealth of experience in both Bitcoin and traditional finance. From Ajit’s work as the first CIO of a U.S. pension in 2021 to introduce Bitcoin directly into portfolios, to Raphael’s creation of the first open source portfolio analysis tool for Bitcoin on the balance sheet, our Board of Directors on Bitcoin Firsts ’s experience has been extensive. “It got deeper.”
Proof of Workforce has already made significant progress in driving Bitcoin adoption. The foundation played a pivotal role in helping the Vacaville Firefighters become the second union in the country to purchase and hold Bitcoin on its balance sheet, and helped the Humboldt Bay Firefighters become the third union to do so. And internationally, the foundation helped AproBomberos, the Salvadoran firefighters’ association, hold Bitcoin on its balance sheet.
Just in: 🇸🇻 The Salvadoran Firefighters Association AproBomberos is now officially open. #Bitcoin On the balance sheet 👏 pic.twitter.com/4kiORBRbf1
— Bitcoin Magazine (@BitcoinMagazine) February 24, 2024
The Foundation’s Board of Directors, which includes prominent Bitcoiners Joe Carlasare, Lisa Hough, Chris Alaimo, and Magdalena Gronowska, boasts diverse expertise in the legal, energy, multimedia, and mining sectors. The Foundation also announced that Blue Collar Bitcoin’s Josh and Dan will step down from the Board of Directors but will remain involved with the organization, and thanked them for their leadership and support during their time at the Foundation.
The Proof of Workforce Foundation says it provides all of its services for free. More information about the organization can be found on their website here.
