Singapore’s Temasek joins the Facebook-backed Libra

The global Facebook-backed digital currency project Libra has a new supporter: Singapore state investor Temasek Holdings. 

Temasek was one of three organizations named Thursday as the latest members to join the initiative by the Libra Association, an independent group based in Switzerland set up to manage the digital currency project. Cryptocurrency investor Paradigm and private equity firm Slow Ventures were the other two new members. 

Facebook introduced its vision for libra last year as an alternative global digital payment system where a single token would be backed by multiple fiat currencies. That was promptly criticized by regulators who worried if the project went mainstream, it would drastically alter or undermine their roles and disrupt the financial system, giving Facebook, a company with a history of privacy scandals, control over their citizens’ resources. 

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