$5.1 Billion Pension Fund CIO Joins Non-profit Organization 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 is being brought on to further strengthen the Foundation’s mission to promote meaningful, education-based Bitcoin adoption among workforce 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 U.S. to add Bitcoin directly to its balance sheet in 2021. Singh has also served as the Chief Risk Officer and Deputy CIO for the United Nations Joint Staff Pension Fund (UNJSPF), managing a global pension fund with approximately 144,000 participants across 25 UN member organizations.

“As institutions continue to learn about Bitcoin, I’m excited to bring my experience to the Proof of Workforce Nonprofit Board of Directors,” Singh stated. “Bitcoin was created for everyday workers, with its greatest attributes discovered through meaningful learning. Proof of Workforce is well-equipped as a reliable resource for any organization, institution, state or city, in pursuit of a strong and healthy workforce.”

Raphael Zagury, the 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 Bitcoin’s impact on fund portfolios. His extensive background includes co-founding Open Co, a leading Brazilian fintech, and holding executive 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, labor union, workforce organization or government body interested in meaningful, education-based, Bitcoin adoption,” stated Proof of Workforce Founder and President, Dom Bei. “Ajit and Rapha join us with an overwhelming abundance of experience in both Bitcoin and traditional finance. From Ajit’s work in 2021, as the first CIO of a U.S. Pension to introduce Bitcoin directly into it’s portfolio, to Raphael’s creation of the first open-source portfolio analytics tool for Bitcoin on the balance sheet, our board’s experience in Bitcoin firsts has been broadly deepened.”

Proof of Workforce has already made significant strides in promoting Bitcoin adoption. The Foundation played a pivotal role in helping the Vacaville Firefighters become the second union in the U.S. 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 assisted the Salvadoran firefighters association, AproBomberos, in also holding Bitcoin on their balance sheet.

JUST IN: 🇸🇻 Salvadoran firefighters association AproBomberos now officially holds #Bitcoin on their balance sheet 👏 pic.twitter.com/4kiORBRbf1

— Bitcoin Magazine (@BitcoinMagazine) February 24, 2024

The Foundation’s board, which includes prominent Bitcoiners Joe Carlasare, Lisa Hough, Chris Alaimo, and Magdalena Gronowska, boasts diverse expertise in law, energy, multimedia, and mining. Additionally, the Foundation announced that Josh and Dan of Blue Collar Bitcoin will be stepping down from the board, 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. More information about the organization can be found on their website here.

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