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Singapore Wealth Fund Invests in Coinbase

GIC Pte, Singapore’s state-owned investment fund, was among the many investors who played a part in raising $300 million for U.S. cryptocurrency trading platform Coinbase Inc. last year.

Singapore, Singapore.

In a public statement last October, Coinbase received generous investments from established firms like Wellington Management, Andreessen Horowitz, and Tiger Global Management, the participation of GIC Pte was previously not among the list. Both Coinbase and GIC have refused to comment about the investment made.

With its participation in digital assets, GIC Pte joins Yale University and other large investors groups that are willing to surf the wave of the cryptocurrency market. Most institutions that manage money have refused to invest in cryptocurrency because of its tendency to allow illicit trading and lack of regulation.

The Singapore sovereign wealth fund already has over $100 billion worth of investments on a multitude of stocks ranging from private equity to government bonds. With its move to try its luck on the bandwagon of the US-based cryptocurrency exchange platform, GIC Pte maintains its status as a global force with investments made in over 40 different countries.

Coinbase Valued at $8 Billion

In October’s funding round, Coinbase received $8 billion in valuation and recognition as one of the world’s most prolific startups. Given the collapse of cryptocurrency prices over the past year, Coinbase’s achievement is an impressive feat.

At the end of 2018, Bloomberg revealed documents showing Coibase’s forecast revenue climb to $1.3 billion, which mostly stems from trade commissions completed on the trading platform and its profits and losses on cryptocurrency holdings.

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