Singapore Govt’s Wealth Fund Invests in Coinbase’s $300 Million Round
Mark Emem's original article for www.ccn.com reduced by 49%
GIC Private Limited, the sovereign wealth fund of Singapore, was one of the investors in Coinbase's $300 million fundraising round last year, it has now been revealed. While sovereign wealth funds are typically conservative, GIC has not shied away from investing in nascent tech niches. The sovereign wealth fund invests directly as well as via external fund managers.
GIC's investment in Coinbase is not the sovereign fund's first in a cryptocurrency company though. According to Business Insider, GIC was one of the investors that raised $450 million for Bitmain while it was preparing to list on the Hong Kong Stock Exchange. GIC has avoided cryptocurrencies despite some institutional investors such as pension funds dabbling in the nascent asset class.
Interestingly, the sovereign wealth fund recently undertook a joint investment with Mizuho, a Japanese bank that has embraced cryptocurrencies.
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Summarised crypto news.