The venture capital market in the cryptocurrency industry remains strong despite the crypto winter, as major government-linked companies reportedly continue to bet on the big players in the industry.

Bloomberg reported on Tuesday that Singapore’s state-owned investment firm Temasek will join a $100 million funding round for blockchain company and venture studio Animoca Brands. According to the report, Temasek will lead Animoca’s financing round through convertible bonds.

Animoca and Temasek are both famous for investing in major crypto companies. In March 2022, both companies participated in a $200 million funding round of the Australian Non-Foldable Token (NFT) immutable platform.

Temasek is a major cryptocurrency-related investor participating in multiple investment rounds of major companies, including crypto exchange Binance. The company is also well-known for its support of crypto-finance services provider Amber Group earlier this year, along with work on several other industrial projects such as blockchain-based carbon credit exchange.

Headquartered in Singapore, Temasek is one of the largest investors in the world. According to official data, Temasek’s Asian portfolio amounted to approximately 403 billion Singapore dollars, or 290 billion dollars as of March 2022.

Temasek declined to comment on the report submitted to Cointelegraph. “In terms of politics, Temasek does not comment on market speculation and rumours,” a company spokesperson noted. Animoca declined to confirm or deny the report either.

The report comes shortly after Animoca closed a $75 million funding round in July, to secure its second tranche of funding after a $360 million increase in January 2022. The funding was backed by venture capital giants such as Sequoia China, Winklevoss Capital and Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, and others. The company is now said to be worth $6 billion.

Related: Cryptocurrency Raised $30.3 Billion in First Half, Overtaking All Year 2021: Report

On August 26, Animoca’s subsidiary Animoca Brands Japan raised $45 million from a major Japanese bank, MUFG. Animoca Brands Japan focuses on collaborative partnerships in Japan for business opportunities related to NFT, and aims to use newly secured funds to grow Web3 products in the country.

Source: CoinTelegraph