CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$26,749.00
  • ethereum
    ETH$1,596.70
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » $219 Billion Singaporean State-Owned Investment Firm Temasek Joins Libra Association 

    $219 Billion Singaporean State-Owned Investment Firm Temasek Joins Libra Association 

    Author: Mandy Williams

    Last Updated May 22, 2020 @ 10:29

    Less than a month after redesigning its cryptocurrency project, Facebook’s Libra has received a significant boost. According to Friday reports, Singapore’s government-owned investment company, and two other companies have become the latest members of the Libra Association.

    Temasek Offers A Differentiated Position

    The two other companies that joined the association today include crypto-asset investment firm Paradigm, and Slow Ventures, a San Francisco-based venture capital and private equity firm

    The companies are expected to pay the sum of $10 million as part of the requirement of becoming a member of the Libra Association. However, the report did not reveal if they have remitted the fund.

    The addition of Temasek makes the investment vehicle one of the biggest backers of the Libra project with a “differentiated position” since the exit of prominent members like PayPal, Mastercard, and Visa.

    Temasek is one of Singapore’s two state-owned investment companies, and it is reportedly worth $313 billion Singaporean dollars or about $219 billion. The investment behemoth owns and controls multibillion-dollar stakes in big and small companies worldwide, including Singapore Airlines Ltd and Chinese e-commerce giant Alibaba Group Holding Ltd.

    The company’s involvement with the Libra project is part of its effort to explore the blockchain industry because of its transformative potentials in remittance.

    Chia Song Hwee, the deputy CEO of Temasek International, was quoted saying:

    “Blockchain technology can play a transformative role in payments networks by enhancing cost efficiencies, creating new business opportunities, and accelerating financial inclusion. Our participation in the Libra Association as a member will allow us to contribute towards a regulated global network for cost-effective retail payments.”

    Libra Changes Game Plan; Appoints First CEO

    The social media giant received multiple backlashes and probes from financial watchdogs around the world after announcing its ambitious plans to create the Libra cryptocurrency.

    Regulators fear the stablecoin would negatively affect the global financial system, considering that Facebook already has 2.6 billion people under its belt. That became a major setback for the launch of the cryptocurrency.

    Due to the continuous unfavorable reactions from authorities, Facebook announced last month that it had redesigned the Libra project to make it less ambitious in order to gain regulatory approval.

    Following the change in its game plan, the Libra association announced last week that they had appointed Stuart Levey of HSBC as its first Chief Executive Officer (CEO). Per the report, Levey will step down from his role as HSBC’s Chief Legal Officer to lead the Libra project.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • libra-min
      Libra Association Appoints Its Second Chief Legal Officer In Three Months
    • bitcoin_email_scam
      Email Scam Lures Victims Into Fraudulent Bitcoin Investment
    • monero_tracking
      Crypto Intelligence Firm Claims Monero (XMR) Tracking Capabilities
    Tags: Diem (Libra) Diem Association (Libra) Facebook (META)
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Mandy Williams
    More posts by this author

    Mandy Williams is a full-time reporter at CryptoPotato. She joined the cryptocurrency space in early 2017 during her search for financial freedom and has remained devoted to the industry.
    Contact Mandy: Twitter

  • bitcoin
    BTC$26,749.00
  • ethereum
    ETH$1,596.70
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Deep Dive into Ethereum: What Changed A Year Post-Merge?

    Deep Dive into Ethereum: What Changed A Year Post-Merge?

    The Reports of Friend.tech Death Have Been Greatly Exaggerated (Opinion)

    The Reports of Friend.tech Death Have Been Greatly Exaggerated (Opinion)

    Exploring PayPal’s Foray into Cryptocurrency: A Game-Changer in Digital Finance

    Exploring PayPal’s Foray into Cryptocurrency: A Game-Changer in Digital Finance

    DeFi Without Native Rights Is Dead

    DeFi Without Native Rights Is Dead

    How Does the Shiba Inu (SHIB) Burn Work: Everything You Need to Know

    How Does the Shiba Inu (SHIB) Burn Work: Everything You Need to Know

    Crypto Will Go Away If There’s No Privacy: Interview With Anoma and Namada’s Adrian Brink

    Crypto Will Go Away If There’s No Privacy: Interview With Anoma and Namada’s Adrian Brink

    What Is Shibarium? Everything You Need to Know About Shiba Inu’s Blockchain

    What Is Shibarium? Everything You Need to Know About Shiba Inu’s Blockchain

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!