Singapore’s GIC said to invest in US crypto exchange Coinbase

Sebastian Kastner, lead engineer at HydroMiner GmbH, handles cable connections between cryptocurrency mining rigs on racks at the company's mining facility near Waidhofen an der Ybbs, Austria, on Friday, Jan. 19, 2018. HydroMiner, the Austrian cryptocurrency miner that mines bitcoins with green energy, is weighing an initial public offering to fund an expansion outside its home country. Photographer: Akos Stiller/Bloomberg

Singapore’s sovereign wealth fund GIC Pte was among investors that helped U.S. cryptocurrency exchange Coinbase Inc. raise $300 million last year, according to people familiar with the matter.

While Coinbase said it garnered investment in its October funding round from firms including Tiger Global Management, Wellington Management and Andreessen Horowitz, GIC’s participation hasn’t previously been disclosed. GIC declined to comment, while an official for Coinbase also declined to comment.

With the foray into digital assets, possibly its first, GIC joins a select group of large sophisticated investors including Yale University willing to dip their toes into the crypto industry. Most institutional money managers have shunned digital assets because they’re largely unregulated and have been used to finance illicit trade.

GIC has more than $100 billion of assets in over 40 countries and has investments in everything from government bonds to private equity.

Coinbase’s October funding round gave it a valuation of $8 billion, placing it among the ranks of the world’s most-valuable startups. That’s all the more impressive given the collapse in crypto prices last year.

According to documents seen by Bloomberg late last year, the firm was forecasting revenue for 2018 of almost $1.3 billion, a figure that largely comes from the commissions on trades on its platform, as well as gains and losses in its own crypto holdings.

Also Read:

Crypto exchange Coinbase valued at $8b in latest funding round

Coinbase plans Japan expansion, in talks with MUFG as potential banking partner

Bloomberg

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.