RATE Group | Singapore State Investor Temasek Joins Facebook’s Libra Cryptocurrency Project
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Singapore State Investor Temasek Joins Facebook’s Libra Cryptocurrency Project

15 May Singapore State Investor Temasek Joins Facebook’s Libra Cryptocurrency Project

Posted at 11:32h in Cryptocurrency News by

Singapore state investor Temasek Holdings has joined the Facebook-backed Libra digital currency project which has faced intense scrutiny from global regulators worried its launch could erode national control over money.

The entry of Temasek, which latest figures show has a portfolio value of just over SGD 300 billion (roughly Rs. 15.9 lakh crores), was announced by the Switzerland-based Libra Association, the entity managing the digital currency project, late Thursday.

Temasek becomes one of the project’s most prominent backers after payments giants Mastercard, Visa and PayPal earlier ditched the scheme.

Libra, which also added cryptocurrency investor Paradigm and private equity firm Slow Ventures to its roster, said Temasek offered a “differentiated position” as an Asia-focused investor.

In a separate statement, deputy CEO of Temasek International, Chia Song Hwee, said: “Blockchain technology can play a transformative role in payments networks by enhancing cost efficiencies, creating…

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