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SWFI First Read, November 2, 2017

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Temasek Leads Investment in CircleUp Growth Partners

Singapore’s Temasek Holdings invested in CircleUp Growth Partners, a US$ 125 million fund formed by San Francisco-based CircleUp. Other investors in the fund include former BlackRock executive Ken Kroner. The fund will target early-stage consumer packaged goods startups with between US$ 1 million and US$ 10 million in revenue.

Amazon Registers Cryptocurrency Domain Names

Amazon proceeded to registered three new cryptocurrency-related domains. The domain names are amazonethereum.com, amazoncryptocurrency.com and amazoncryptocurrencies.com. Amazon currently owns amazonbitcoin.com.

Jerome Powell Gets Nod from White House for Fed Chair

Federal Reserve Governor Jerome Powell got the nod from The White House that U.S. President Donald J. Trump intends to nominate him as the next Chairman of the Fed. He is poised to replace the current chair Janet Yellen.

Millennium Management to Pay $639,000 to Settle Charges on Violating Federal Securities Laws

The U.S. Securities and Exchange Commission (SEC) discovered that Millennium Management had violated federal securities laws known collectively as Rule 105 four times in 2012. In a press release, the SEC said the firm’s short-selling activity that violated the law involved stock offerings by Capital One Financial, Raymond James Financial, Susser Holdings and Charter Communications. Millennium Management has agreed to pay US$ 639,000 to settle charges of illegal short selling ahead of public stock offerings.

ST Telemedia Leads Investment Round into Instart Logic

ST Telemedia, a unit of Temasek Holdings, led a US$ 30 million investment round into Palo Alto-based Instart Logic Inc., a startup up content delivery network (CDN). Other investors in the round include Stanford-StartupX Fund, Kleiner Perkins Caufield & Byers and Andreessen Horowitz.

Russia-China Investment Fund Invests in Series C Round in Megvii Inc

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Korea’s NPS Invests In Crypto Exchanges Amid Crackdown

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South Korean news outlets have reported that South Korea’s National Pension Service (NPS) has unwittingly invested roughly US$ 2.4 million in four local cryptocurrency exchanges – Korbit, Upbit, Coinplug, and Bithumb – even as regulatory officials move to subdue the unbridled enthusiasm for crypto trading that has flourished in the tiny country. The US$ 550 billion pension scheme invested in the cryptocurrency exchanges indirectly through two venture capital funds handled by external managers with exclusive rights over asset allocation, according to an NPS officer.

Crypto trading has proved wildly popular in South Korea, drawing an estimated one million citizens to the largely unregulated exchanges that have cropped up over the past few years. South Korea, which is ranked first in the world in terms of internet sped, is the largest market for cryptocurrency transactions behind Japan and United States, and accounts for 29.8% of trade globally, according to a report released by the Korea Insurance Research Institute (KIRI) in December 2017.

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Ripple Attempts to go the Central Bank Route

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San Francisco-based Ripple, a tech company that professes the use of blockchain to reboot the payment systems globally, landed a big deal with the Saudi Arabian Monetary Authority (SAMA). Ripple started a pilot program that will be spearheaded by SAMA and a few Saudi banks to deploy xCurrent for cross-border payments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Investment Corporation of Dubai Eyes $1 Billion Loan Deal

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The Investment Corporation of Dubai (ICD) plans to raise US$ 1 billion in a loan to refinance existing debt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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