US cryptocurrency exchange Coinbase received the majority of its $300 million 2018 funding round from a fund owned by the Singapore government, anonymous sources have revealed.

GIC Private Surprise Funding Round Participant

Speaking to Bloomberg, people “familiar” with the details of the fundraising deal said that GIC Private Limited (formerly Government of Singapore Investment Corporation), invested in the company.

Officially announced last October, Coinbase said its Series E cash injection had come from the likes of Andreessen Horowitz and Polychain, but at the time did not mention GIC. The round accompanied a valuation which reached a giant $8 billion.

At the time, Coinbase said it would use the funds in areas such as international expansion and increasing the number of cryptocurrency assets available.

GIC is the…

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