Coinbase, a US-based cryptocurrency trading platform backed by corporates BBVA, New York Stock Exchange, NTT Docomo and USAA, has received the backing of Singapore’s sovereign wealth fund GIC, Bloomberg reported today.
GIC participated in Coinbase’s $300m series E round in October 2018, people familiar with the matter told Bloomberg. The round was led by hedge fund manager Tiger Global Management.
Accelerator Y Combinator had also backed the round through its Continuity fund, investing alongside investment management firm Wellington Management, venture capital firm Andreessen Horowitz and blockchain investment firm Polychain.
The round valued Coinbase at $8bn. GIC and Coinbase have declined to comment on Bloomberg’s report.
Coinbase operates an online trading platform for cryptocurrencies, brokering exchanges with fiat currencies, and enables users to store assets in a digital wallet.
The company stated in October 2018 it would use the series E funding to drive international expansion efforts and expand the range of currencies supported by the platform.
Coinbase has raised $517m to date. Institutional Venture Partners led a $100m series D round in 2017 that featured Spark Capital, Greylock Partners, Battery Ventures, Section 32 and Draper Associates.
Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Capital, two subsidiaries of financial services firm Mitsubishi UFJ Financial Group, contributed to a $10.5m round in 2016 alongside Sozo Ventures.
Financial services providers BBVA and USAA, stock exchange operator New York Stock Exchange and Docomo Capital, a corporate venturing arm of mobile phone network NTT Docomo, contributed to a $75m series C round in 2015.
The series C round was led by DFJ Growth and further included Andreessen Horowitz, Union Square Ventures, Ribbit Capital and angel investors. Coinbase’s shareholders also include SV Angel and Fundersclub.
