Singapore-based wealth fund ventures into crypto space with Coinbase investment

According to the information obtained by Bloomberg from people familiar with the matter, Coinbase Inc. raised $300M last year with the help of Singapore’s sovereign wealth fund GIC Pte, though the company’s participation in the funding round was not previously disclosed.

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. GIC declined to comment, while an official for Coinbase also declined to comment.

Tiger Global Management, Wellington Management, and Andreessen Horowitz were among investors that participated in Coinbase financing round. Both GIC and Coinbase declined to comment, though this development might be a landmark in the industry development. Many institutional money managers have stayed away from digital assets due to their unregulated status and alleged ties to illegal activities.

However, the tide has changed recently as two US_based pension funds invested in Morgan Creek Capital Management LLC focused on cryptocurrency and blockchain investments. Now GIC ventured into the cryptocurrency industry.

GIC is a large fund with investments in a full range of assets from government bonds to private equity in over 40 countries.