Singapore State-Owned Fund Backed Coinbase’s $300 Million Raise: Report

GIC Private Limited, a Singapore government-owned wealth fund, reportedly backed Coinbase’s $300 million funding round last year. The news comes via a Bloomberg report on Thursday citing “people familiar with the matter.” This was possibly GIC’s first investment in the crypto space, the sources added.The fund has more than $100 billion in assets in over 40 countries across various asset classes, the report adds, though the Sovereign Wealth Institute puts the total far higher at an estimated $390 billion.Crypto exchange Coinbase announced the $300 million Series E equity round last October. At the time, neither the exchange nor GIC disclosed the fund’s participation. The funding was led by Tiger Global Management, while Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others also participated. Coinbase said at the time that the raise gave it a “post-money valuation of over $8 billion.”Large investment funds are increasingly starting to dip their toes in the digital assets space. Just last week, the University of Michigan, which has an endowment valued at about $12 billion, disclosed that it committed $3 million to Andreessen Horowitz’s cryptocurrency fund back in June. The university also said that it is considering further investment in the fund.