Singapore – Wealth Fund GIC Helped Coinbase Raised Millions, Hooking up Institutional Investors

Tabassum Altcoin News February 28, 2019
coinbase

Singapore – Wealth Fund GIC Helped Coinbase Raised Millions, Hooking up Institutional Investors

Often reports reveal that the bear market is keeping institutional inventors away from crypto space – however, the market players frequently present the newer approach that hooks them up in a decentralized world.

GIC, the Singapore’s sovereign wealth fund reportedly debuted their second investment in Crypto era – first being Bitmain (as reported by finder.com) while very recent one goes to Coinbase Exchange.

Catching the Interest of Institutional Investors

According to Bloomberg reports, Sovereign wealth fund, GIC in the year 2018 help Coinbase exchange raise $300 million – adding that an unknown source concerning the matter had revealed the information.

Furthermore, Coinbase had raised this fund ($300 million) in a Series E equity financing round during Octobers 2018 – Nevertheless, the firm failed to disclose the name of GIC when naming the investors involved in October funding round. In particular, Coinbase revealed the firm’s name as– Wellington Management, Tiger Global, and Andreessen Horowitz. Other than these investors, there was no information on GIC’s participation in Coinbase’s investment round came into the picture from either party.

GIC has in total $100 billion assets in over 40 countries worldwide – established by the Govt of Singapore in the year 1981. However, the key mission of this fund is to manage Singapore’s foreign reserves. It’s however; worth to add that – an investment of these kinds, especially in crypto space will give an opportunity for institutional investors to participate in the blockchain and crypto industry at large.

The report further cites that Coinbase secured post-money valuation at $8 billion in October round successfully – that made it the most valuable startup in last year. Keeping a close eye to Coinbase’s profit made during the same year of the market crash, the firm was estimating the revenue of $1.3 billion. To note, the income for Coinbase exchange is largely derived from commissions on trade occurred on Coinbase platform as well as the proprietary crypto asset holdings.

So readers? what’s your stake on undisclosed GIC’s funding towards Coinbase exchange? Do you think the disclosure of which pull institutional investors in the crypto field? Share your thoughts with us.

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Singapore - Wealth Fund GIC Helped Coinbase Raised Millions, Hooking up Institutional Investors
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Singapore - Wealth Fund GIC Helped Coinbase Raised Millions, Hooking up Institutional Investors
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Often reports reveal that the bear market is keeping institutional inventors away from crypto space – however, the market players frequently present the newer approach that hooks them up in a decentralized world.
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Author: Tabassum

Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com

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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com

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