Temasek joins Facebook-backed Libra currency

Friday 15 May 2020 10:51 CET | News

Temasek Holdings, a Singapore-based state investment company, has joined Facebook's Libra cryptocurrency project.

Temasek said it was joining the Swiss-based Libra Association to facilitate the development of the cryptocurrency to explore its advanced use. The Singapore company is one of the world's largest institutional investors, with a net portfolio valued at 313 billion Singapore dollars (USD 220 billion), 66% of them allocated in Asia as of March 2019, according to Asia Nikkei.

Among Temasek’s major holdings are a 29% stake in DBS Group Holdings, Standard Chartered (16%), Singapore Telecommunications (52%), Singapore Airlines (56%), and Singapore Technologies Engineering (51%).

Temasek became one of the three new members of the association, along with venture capital Slow Ventures and a crypto investment company called Paradigm, both US companies.

Blockchain is among Temasek’s latest focus areas, along with other new technologies such as artificial intelligence, aimed at developing new opportunities amid an increasingly complex business environment.
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Keywords: blockchain, artificial intelligence, Facebook Libra, cryptocurrency, Libra Association, Asia
Categories: DeFi & Crypto & Web3
Countries: Asia
This article is part of category

DeFi & Crypto & Web3