Singapore’s investment company supports the Facebook-led digital currency

Singapore’s Temasek, one of the world’s biggest institutional investors, has thrown its support behind the Facebook-led digital currency Libra in a development that could help breathe new life into the under-fire project. The state-backed investment company’s inclusion in the Libra Association… comes after the association last year lost a number of high-profile members over concerns it could threaten the financial system, as well as privacy and money-laundering fears. Temasek’s participation makes it the first Asia-based member as well as the first state-backed investor to become involved in the project. Singapore is recognised as a financial technology hub in Asia and the government has encouraged and supported crypto-related technologies and financial technology innovation… The news comes just weeks after Libra announced plans to shrink the scope of its original vision in order to appease global regulators… In addition to Temasek, San Francisco-based cryptocurrency investor Paradigm and private equity group Slow Ventures also joined the organisation, taking the total to 27 members. Existing members include US venture capital firm Andreessen Horowitz, Swedish music streaming service Spotify, ecommerce platform Shopify, as well as US ride-hailing companies Uber and Lyft. 

Mercedes Ruehl and Hannah Murphy