In brief: Singapore’s GIC said to invest in Coinbase

Singapore sovereign wealth fund GIC was among the investors that helped US cryptocurrency exchange Coinbase raise US$300 million last year, according to people familiar with the matter.

While Coinbase said it garnered investment in its October funding round from firms including Tiger Global Management, Wellington Management, and Andreessen Horowitz, GIC’s participation hasn’t previously been disclosed.

Source: Bloomberg

Coinbase claimed to be valued at over US$8 billion following the October round, which additionally saw participation from Polychain Capital and Y Combinator’s Continuity fund.

Both Coinbase and GIC declined to comment when contacted by Bloomberg.

Lim Chow Kiat, the sovereign fund’s CEO, previously indicated that GIC would steer clear of cryptocurrency-based investments. The volatility associated with digital tokens and related business models go against its mandate to “preserve and enhance the international purchasing power of the reserves we manage,” he said.

However, Singapore’s other state investment fund, Temasek, revealed last October that its Vertex Ventures unit had invested in Hong Kong-based cryptocurrency exchange Binance.