GIC invested in parent firm of troubled crypto broker Genesis, expects high volatility in short term

When asked about GIC’s investment in Digital Currency Group, the sovereign wealth fund said it does not comment on individual investments, adding that it expects investments to remain highly volatile. PHOTO: GIC
New: Gift this subscriber-only story to your friends and family

SINGAPORE –Singapore sovereign wealth fund GIC, which is an investor in the group with ties to troubled cryptocurrency broker Genesis Trading, says it expects volatility in investments to stay high in the short term.

Venture capital firm Digital Currency Group (DCG), which owns Genesis and asset manager Grayscale Investments, had raised US$700 million (S$963 million) in November last year from prominent investors such as Softbank, Alphabet’s CapitalG, Ribbit Capital and GIC.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.