GIC, Singapore’s sovereign wealth fund, has purchased 8% stake in Hong Kong-based digital asset firm BC Group, according to filing at HKEX today.
The move underscores GIC’s bid to be part of the rapidly growing cryptocurrency market.
BC Group last December became the first such company to receive a license from the Hong Kong’s Securities and Futures Commission (SFC) to operate a crypto exchange in the city.
According to the announcement, GIC will buy 31,952,500, which represents 8.25% of the BC Group’s total shares.
The company is also planning to enter Singapore and has applied for a license under Singapore’s Payment Services Act.
GIC invests internationally in equities, fixed income, foreign exchange, commodities, money markets, alternative investments, real estate and private equity. Headquartered in Singapore, GIC has investments in over 40 countries and employs over 1,800 people across 10 offices in key financial cities worldwide, according to the filing.