The venture capital market of the cryptocurrency industry is holding strong despite the crypto winter as major government-linked firms reportedly continue betting on big industry players.
Singapore state-owned investment firm Temasek is joining a $100 million funding round for the blockchain and venture studio Animoca Brands, Bloombergon Tuesday. According to the report, Temasek will lead Animoca’s financing round through convertible bonds.
Both Animoca and Temasek are known for investing in major crypto firms. In March 2022,funding round for the Australian nonfungible token (NFT) platform Immutable.
Temasek is a major crypto-related investor, participating in multiple investment rounds for major industry companies,. The firm is also known for earlier this year, alongside working on many other industry projects like a .
Headquartered in Singapore, Temasek is one of the world’s biggest investors. According to official data, Temasek’s Asian portfolioto roughly 403 billion Singapore dollars, or $290 billion as of March 2022.
Temasek declined to comment on the report to Cointelegraph. “As a matter of policy, Temasek does not comment on market speculation and rumors,” a spokesperson for the firm noted.
Animoca did not immediately respond to Cointelegraph’s request for comment.
The report comes shortly after Animoca closed a $75 million funding round in July, securing the second tranche of funding following a $360 million raise in January 2022. The funding was supported by venture capital giants like Sequoia China, Winklevoss Capital, Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures and others. The firm is now reportedly valued at $6 billion.
On Aug. 26, Animoca’s strategic subsidiaryfrom major Japanese bank MUFG. Focused on cooperative partnerships in Japan for NFT-related business opportunities, Animoca Brands Japan aims to use the newly secured funds to grow Web3 products in the country.