Singapore’s GIC leads $80m funding in US crypto platform Anchorage

Photo by Andre Francois on Unsplash

Singapore’s sovereign wealth fund GIC has led an $80-million Series C funding in US-based digital asset platform Anchorage.

Other investors participating in the round include US venture capital firms Andreessen Horowitz (a16z), Blockchain Capital and Lux Capital, as well as Portuguese fund Indico Capital Partners, according to a statement.

The funding will be used to fuel Anchorage’s expansion in helping more customers, especially corporations and traditional financial institutions, participate in the digital asset space.

The company offers crypto-native financial products and services, such as staking, governance, financing and lending, trading and DeFi (decentralised finance).

It said it will develop at-launch support for new protocols in the coming months while having invested in such support for protocols like Celo, Filecoin and Oasis.

Among new services following the GIC-led investment will be supporting emerging corporate use cases, from corporate treasuries to finding strategic ways to incorporate crypto into their operations, Anchorage said.

“Anchorage has been an early proponent of DeFi, offering custody support for many DeFi tokens, bringing wrapped layer-one protocols to Ethereum, and supporting Bitwise in the launch of the first DeFi crypto index fund. In the coming years, we look forward to facilitating greater institutional participation in the space,” the startup added.

Founded in 2017, Anchorage had earlier raised $17 million in a Series A round led by Andreessen Horowitz in January 2019 and $40 million in a Blockchain Capital-led Series B investment six months later. Other investors in the previous financing rounds include Visa, Elysium Venture Capital and Khosla Ventures, among others.

Recently, Anchorage had partnered with its shareholder Visa and First Boulevard Bank in a new set of crypto-related APIs to enable neobanks and financial institutions to connect to Anchorage’s services.

Meanwhile, the latest funding marks GIC’s next bet in the crypto space after reportedly participating in Coinbase’s $300-million fundraising in late 2018.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.