Singapore state investor, Temasek Holdings Pte., is leading a $100 million funding round in non-fungible token (NFT) for metaverse investor Animoca Brands Corp., Bloomberg reported on August 30. 

The investment will be made through convertible bonds, as per the report. 

The Singaporean sovereign wealth fund, whose net portfolio value stood at $403 billion as of March, has been one of leading investor in the global crypto industry, leading a $200 million round in market maker and liquidity provider Amber Group in February. It likewise joined crypto exchange FTX.US's mammoth $400 million Series A round in January. 

Animoca raised $75 million in July in a round, participated by existing investors Kingsway Capital, Liberty City Ventures, and 10T in the second half of a January funding that got in nearly $360 million.  

The portfolio of the Hong Kong-based company contains more than 150 NFT-related projects, including trading platform Dapper Labs and OpenSea, the developer of NBA Top Shot. 

Temasek's investment exhibits that regardless of the challenging and questionable circumstances in the digital asset markets, significant investment entities stay bullish on the possibilities of the more established firms in the industry like Animoca. 

Both Temasek & Animoca didn’t responded to any queries. 

According to Bloomberg, the Co-founder of Animoca Yat Siu said that the organization wants to take advantage of the crypto downturn to snap up stakes in industry players and digital tokens. The company intends to go public in the following a few years relying upon how the market reacts to the company’s core business of selling tokens and taking a cut from optional exchanges.