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Singapore Sovereign Wealth Fund GIC May Be One of Coinbase’s Backer

Singapore Sovereign Wealth Fund GIC May Be One of Coinbase's Backer

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The cryptocurrency industry continues to elicit interest from mainstream financial services, the recent one being Singapore’s sovereign wealth fund GIC Pte. According to Bloomberg, it appears that the fund may have been involved in Coinbase’s USD 300 million funding round last year, citing people familiar with the matter, although neither of the companies had provided insight on the matter. However, at the time of the funding in October, Coinbase had only listed Tiger Global Management, Wellington Management, and Andreessen Horowitz as participants.

GIC has over USD 100 billion worth of assets in over 40 countries including a broad and diverse investment portfolio that ranges from government bonds to private equity. According to the source, Coinbase’s October funding round gave it a valuation of USD 8 billion, and against the odds of the trends in the crypto market last year, this, however, helped Coinbase rank as one of the most-valued startups.

Bloomberg further cited a document it accessed last year, reporting a forecast revenue to the tune of USD 1.3 billion to be made by Coinbase for 2018. The revenue was expected to be made from fees on its platform as well as its crypto holding’s profit/losses.

Parts of the Asian continent have always been supportive of the digital industry and clearly, they may as well be racing along with the rest of the world where blockchain and its underlying assets have been seen as revolutionary financial tools in the economy.

Binance is another beneficiary of Singapore’s government funding, as it reportedly received indirect funding last year to aid the launch of a cryptocurrency-to-fiat exchange desk in Singapore.

Most sophisticated investors may have been wary of cryptocurrency investments due to their volatility and chiefly because of the unregulated nature of the digital asset industry and possibly because in some cases, these assets may have been used in the financing of illicit trade activities. However, in recent times, the influx of large investors into the cryptocurrency industry has grown steadily, especially with newly introduced derivative markets, financial instruments, and services that are being tailored to suit their needs.

Moreover, in another recent report, retail investors were also found to have increased in a proportionate manner in the past few months. Despite the bear market that struck in 2018, interest in the digital asset marketplace continues to soar at various levels.


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