

Dapper Labs, the company behind NFT marketplace NBA Top Shot, receives the first sovereign fund banking from Singapore’s GIC. Other investors include Coatue, Andreessen Horowitz (a16z), BOND, GV (formerly Google Ventures) and Version One Ventures.
Singapore’s GIC, or Government Investment Corporation, is a sovereign fund founded in 1981, managing most of the government’s financial assets. GIC has official assets under management of $545 billion, according to SWFI’s estimate. The fund is delving into companies that focus on sustainability and technology.
NFT unicorn Dapper Labs has developed NFT projects including NBA Top Shot, CryptoKitties, among others. Also, Dapper Labs is the original developer behind the NFT-specific Flow blockchain.
While still in open Beta, popular fantasy basketball NFT game NBA Top Shot grew by 30x in 2021. It records more than US$780 million in collectibles in sales volume, with more than 1.1 million registered users.
Dapper Labs’ existing backers include Animoca Brands, Union Square Ventures (USV), Samsung, Coinbase, Digital Currency Group. Additionally, Google Cloud has become Flow blockchain’s cloud provider recently.
Temasek to Invest in Crypto Exchange Binance?
GIC is expanding its crypto-related portfolios. This includes blockchain analytic firm Chainalysis, institutional crypto custodian Anchorage, exchange giant Coinbase, and Hong Kong-listed BC Group, which owns crypto exchange OSL.
Meanwhile, another Singapore’s sovereign wealth fund, Temasek, is aggressively investing in crypto and blockchain companies.
The list includes the world’s largest exchange Binance, and enterprise blockchain firm R3. Moreover, Temasek participates in Diem, a digital currency initiative previously funded by Facebook.
Last month, crypto reporter Wu Blockchain reported Binance is obtaining investment and protection from government funds. And, Singapore’s government fund, like GIC and Temasek, is one of the most likely options. Temasek’s subsidiary Vertex Ventures has invested in Binance Singapore.
Binance is set to close a large private fundraising round, founder Changpeng Zhao (CZ) told Bloomberg earlier this month.
The content of this webpage is not investment advice and does not constitute any offer or solicitation to offer or recommend any investment product. It is for general purposes only.


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