GIC has been involved as an investor in the US$300 million funding Coinbase had last year, according to Bloomberg

Coinbase, the US-based crypto exchange service, reportedly raised funding from Singapore-based wealth fund company GIC, as reported by Bloomberg.

Also Read: Cambodia-grown VC firm Ooctane secures US$55M from country’s logistic giants

Coinbase, in its official statement, revealed that it raises funding in October from the likes of Tiger Global Management, Wellington Management and Andreessen Horowitz. It turned out that GIC was also an investor whom at that time was undisclosed. The funding, Bloomberg reported, catapulted the company’s valuation to US$8 billion despite the crypto price’s significant tumble last year.

GIC’s involvement as Coinbase’s backers possible marks the company’s first foray into digital assets, especially crypto industry.

GIC said it has more than US$100 billion of assets in over 40 countries and has investments in almost every industry there is, from government bonds to private equity.

Also Read: These two startup veterans are Quest Ventures’ new partners

According to documents seen by Bloomberg, the firm was forecasting revenue for 2018 of almost US$1.3 billion late last year. This number is believed to come from the commissions on trades done on its platform, as well as gains and losses in its own crypto holdings.
–

The post Coinbase raises funding from Singapore’s wealth fund GIC appeared first on e27.