Singapore's state investment fund, Temasek, which is one of the world's largest investors, is leading a $100 million funding round in non-fungible token (NFT) and metaverse investor Animoca Brands, Bloomberg reported Monday.

The investment will be made via convertible bonds, according to the report, which cited people familiar with the matter.

The Singaporean sovereign wealth fund, whose net portfolio value stood at $403 billion as of March, has been an active investor in the crypto industry, leading a $200 million round in liquidity provider and market maker Amber Group in February. It also joined crypto exchange FTX.US's mammoth $400 million Series A round in January.

Animoca raised $75 million in July in a round that was led by existing investors Liberty City Ventures, 10T and Kingsway Capital in the second tranche of a January funding that brought in almost $360 million.

The Hong Kong-based company's portfolio contains more than 150 NFT-related projects, including trading platform OpenSea and Dapper Labs, the developer of NBA Top Shot.

Temasek's investment demonstrates that despite the challenging and uncertain conditions in the digital asset markets, major investment entities remain bullish on the prospects of the more established firms in the industry such as Animoca.

Neither Temasek nor Animoca immediately responded to requests for comment.

Read more: Animoca Brands' Japan Unit Raises $45M for NFT Licensing, Investment