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
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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.

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