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Singapore's State Investor Joins Animoca's $100 Million Funding Round: Report

31-Aug-2022 By: Simran Mishra
Singapore's State In

Despite the crypto winter, the cryptocurrency venture capital sector remains strong, with significant government-linked firms allegedly continuing to gamble on major industry participants.

On Tuesday, a local media outlet reported that Singapore's state-owned investment firm Temasek has joined a $100 million fundraising round for blockchain and venture studio Animoca Brands. As per the report, Temasek would lead Animoca's convertible bond fundraising round.

Both Animoca and Temasek are well-known for their investments in prominent cryptocurrency firms. In March 2022, both companies took part in a $200 million fundraising round for the Australian nonfungible token (NFT) platform Immutable.

Temasek is a major crypto-related investor, having participated in various investment rounds for major industry players such as the Binance crypto exchange. The firm is also recognized for funding crypto finance service provider Amber Group earlier this year, in addition to working on several other industry projects such as a blockchain-based carbon credit market.

Temasek, headquartered in Singapore, is one of the world's largest investors. Temasek's Asian portfolio was worth around 403 billion Singapore dollars, or $290 billion, as of March 2022, according to government figures.

Temasek refused to comment on the media outlet's report. According to a Temasek spokesperson, “the firm does not comment on market speculation or rumors as a matter of policy.”

The report comes shortly after Animoca completed a $75 million funding round in July, securing the second tranche of capital following a $360 million round in January 2022. 

Venture capital behemoths such as Sequoia China, Winklevoss Capital, Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, and others contributed to the fundraising. The company is now said to be worth $6 billion.

On August 26, Animoca's strategic subsidiary Animoca Brands Japan secured $45 million from prominent Japanese bank MUFG. With a focus on joint ventures for NFT-related business prospects, Animoca Brands Japan intends to use the freshly secured funds to expand Web3 products in Japan.

Read also: Top Cryptocurrency News: Argentinian Province Mendoza Starts Accepting Tax Payments in Cryptocurrency

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