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

GIC Private Limited, a Singapore government-owned wealth fund, backed Coinbase’s major funding round last year, say Bloomberg sources.

AccessTimeIconFeb 28, 2019 at 12:01 p.m. UTC
Updated Sep 13, 2021 at 8:56 a.m. UTC

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.

Yale University, which boasts second-largest endowment among educational institutions globally, also reportedly invested in Horowitz’s fund at the time, as well as backing Paradigm’s $400 million crypto fund last October.

Earlier this month, two public pension funds in Fairfax County, Virginia, backed Morgan Creek Capital’s crypto-focused venture fund that raised $40 million.

Further, Cambridge Associates, a pensions and endowments consultant, recently said that it’s time for institutional investors to consider getting into cryptocurrencies.

Coinbase image via CoinDesk archives 


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.