It has now been revealed that the Government of Singapore Investment Corporation or GIC Private Limited which is a sovereign wealth fund established by the Government of Singapore in 1981 invested in Coinbase last year during its fundraising round.
The investment by GIC Private Limited was kept a secret until today while other investor identities who invested in the Series E round were publically announced. Coinbase had received $8 billion valuations in this round. The list of Coinbase’s Series E investors also included Andreessen Horowitz which is a renowned American venture capital firm headquartered in California.
Usage of Funds by Coinbase:
Tiger Global Management also known as ‘The Tiger Fund’ led the fundraising round. The following round was especially focused on the global expansion of Coinbase as revealed by the Chief Operating Offering, Asif Hirji.
As announced by the team, the funds would be used for developing features such as a custodial service which will tempt institutional investors. Also, the following funds were to be used in the development of utility apps such as a stable coin.