Singapore state investor Temasek Holdings has joined the Facebook-backed crypto project Libra. According to the Reuters report, the entry of Temasek was announced by the Switzerland-based Libra Association, the entity managing the digital currency project on 14th May. The Singapore state investor has a portfolio value of just over $210 billion. Temasek is one of the project’s most prominent backers after payments giants Mastercard, Visa Inc, and PayPal that earlier ditched the crypto project.
Temasek offers a differentiated position as an Asia-focused investor.
The Swiss-based Libra-Organisation said that Singapore state investor Temasek offered a “differentiated position” as an Asia-focused investor. The Facebook-backed organization also added the crypto investor Paradigm and private equity firm Slow Ventures to its team. The deputy CEO of Temasek International, Chia Song Hwee, said that the blockchain technology could play a transformative role in payments networks by creating new business opportunities, accelerating financial inclusion, and enhancing cost efficiencies. He further said that their participation in the Libra Association would allow them to contribute towards a regulated cost-effective retail payment around the world.
Libra is expected to launch by the end of this year.
Libra Organisation has faced a lot of scrutiny since Facebook announced the project last year. Regulators around the world have deemed the project as unnecessary and a threat to a nation’s financial sovereignty. The crypto project recently announced some key changes in its white paper that have made it more aligned with regulators around the world. The prospect of social media giant Facebook’s 2.5 billion users adopting Libra has led to intense scrutiny from global regulators.
Libra stablecoin is expected to be launched by the end of the year, which is later than its initial plans for a launch by the end of June. Earlier this month, Libra Organisation appointed HSBC legal chief Stuart Levey as its first Cheif Executive Officer.
