Singapore’s Temasek Holdings Joins Libra Project
Temasek Holdings is a state-owned investment firm in Singapore and is the latest firm to partner with Facebook for its Libra Project.
Temasek Holdings, Singapore’s state-owned investment firm, has joined Facebook’s Libra project.
Temasek is the country’s sovereign wealth fund, with over $330 billion SGD under management. It is invested in various tech outlets, with companies such as Alibaba, Tencent and Dell in its portfolio. Apart from blue chips, Temasek also funds several startups.
News of its partnership was announced in a tweet when Temasek posted the following:
“We’re pleased to join @Libra_ as a member. Looking forward to the potential of this #blockchain-based digital currency, and how it can help create a regulated global network for cost-effective retail payments!”
In a statement made by Libra, the project confirmed its partnership with Temasek, as well as the addition of two other members, Paradigm and Slow Ventures. Paradigm and Slow Ventures are investment funds “whose technological prowess and commitment to developing the blockchain and digital assets market segment will help spur long term developments” to the project’s payment system.
Paradigm is a crypto investment firm that is focused on working with businesses and crypto assets through the earliest stages of their set up to maturity.
Slow Ventures, on the other hand, invests in companies at the core of the technology industry, as well as those that are on the edges of society, science and culture. It has backed several successful tech-driven disruptors, such as Postmates, Slack and Airtable.
Both Paradigm and Slow Ventures are based in San Francisco, California.
Prior to this new set of partnerships, Libra announced earlier this year that it had also partnered with Heifer International, Checkout.com, Shopify and Tagomi.
“The addition of three new members to the Libra Association shows our commitment to building a diverse group of organizations that will contribute to the governance, technological roadmap, and launch readiness for the Libra payment system. We are honoured to welcome Temasek, Paradigm, and Slow Ventures to this effort.” Libra’s statement reads.
These partnerships have yet to reveal the full extent of what the project is planning to do. However, the new connections are good news for Libra given that it has had to redesign its model and direction after a series of difficulties with regulators. This new alignment with Temasek hints of Libra’s increased potential for a foothold within Asia.