Coinbase Got Backed By $300m Raise
Apparently, Coinbase was successful in acquiring a $300 million funding last year. The figure in question was courtesy of a Singapore government-owned wealth fund called GIC Private Limited. Here is everything about the news in a nutshell.
GIC’s Funding
According to the official report, the revelation is courtesy of individuals who are familiar with the matter. It turns out that it was GIC’s very first investment in the world of cryptocurrency. The funds, in particular, refer to more or less $100 billion in assets and cover around 40 countries across various asset classes. However, as far as the Sovereign Wealth Institute is concerned, the total is only estimated at $390 billion.
Coinbase, which is a digital currency exchange, revealed that the $300 million it obtained was during the Series E equity in October last year. During that time, neither the firm nor GIC decided to unveil the participation of the fund.
The official report states that Tiger Global Movement was the entity that spearheaded the funding. Interestingly, there are others on the list as well. This includes, but not limited to, Polychain, Wellington Management, Y Combinator Continuity, and Andreesen Horowitz. Coinbase reiterated that, at that time, the raise circled around the idea of being a “post-money valuation,” which reportedly reached $8 billion.
Investment In Crypto Space
It holds true that massive investment funds are starting to significantly dip in the world of digital assets. In fact, just last week, the University of Michigan revealed that it gave around $3 million directly to the crypto fund owned by Andreesen Horowitz back in June. It should be noted that the educational institution has an endowment that is valued at roughly $12 billion. In addition, the university disclosed that is heavily considering the idea of adding further investment in the said fund.
Yale University, on the other hand, also made a bold move after investing in Horowitz’s fund – a decision it did on the same time the aforementioned took place. The university is known for having the second-largest endowment in all educational institutions across the world. Moreover, it went to back Paradigm as well, with a fund worth of $400 million crypto last October.
Just earlier this month, Fairfax County, Virginia came up with two public pension funds. According to previous reports, both were backed by none other than Morgan Creek Capital’s digital currency-focused venture fund. The latter, in particular, was responsible for raising at least $40 million.