BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

Temasek, An FTX Investor, Denies Investing $10 Million Into A Crypto Project, ‘Array,’ An Algorithmic Currency System

BlockNews Team by BlockNews Team
May 8, 2023
in BUSINESS, CRYPTO, MEDIA, SOCIAL
Reading Time: 3 mins read
1
SHARES
11
VIEWS
Share on XShare in TelegramShare on Reddit
  • Temasek denies investing in Array, saying it is incorrect.
  • The investment firm was once an FTX investor.
  • The company claims not to have any relationship with Array.

There have been rumors speculating that Temasek, a Singaporean government-owned investment company, was investing $10 million in an algorithmic currency system. The FTX investor has denied the allegations.

On May 1, news stating that Temasek had invested in a crypto project was circulating in the crypto industry. However, since the information has reached the ears of the investment firm, Temasek published a statement on May 2, claiming that it had not invested in Array.

Before the statement released by Temasek, Array announced that it had acquired a raise in its second funding round, bringing the firm’s valuation to $100 million.

The Singaporean government-owned investment firm has denied its relationship with any recent crypto project due to the losses it recorded in its investments.

“We have seen news articles and a tweet from Array about Temasek’s investment in it. This news is incorrect, Temasek has not invested in Array, and we have no relationship with them,”

In November 2022, Singapore’s authorities announced that Temasek had witnessed heavy damage due to the unexpected FTX collapse, which shook the crypto industry.

Lawrence Wong, Singapore’s Deputy Prime Minister, affirmed that Temasek’s losses were beyond the financial sector.

What is Array’s Algorithmic Currency System?

Array’s new algorithmic currency system was designed to be better than traditional cryptocurrencies like BTC by offering a scalable, efficient, and stable asset.

The algorithmic system was said to have multiple use cases, such as remittances, investments, and payments. ArrayFi, the firm’s smart contract platform, was created to allow DApps made on its network and driven by its Al algorithm ArrayGo.

On March 14, Array published a blog post notifying the community of its launch of ArrayGo; the Array team affirmed that for the value of the token to remain indefinitely predictable and stable for traders and investors, a traditional bonding curve was manually implemented to a contract that oversees the trading of the token.

Founded in 1974 and owned by the Ministry of Finance, Temasek, a Singapore-based company with 12 branches worldwide, is an active investment company with a portfolio value of $297 billion (S$403 billion).

In April 2023, the investment firm also participated in a $10 million series A round of BlueMark, a US impact-verification and intelligence firm. 

Temasek was not the only participant in this Series A round; other investors like Ford Foundation, Blue Haven Initiative, Radicle Impact, and Gunung Capital accompanied it. BlueMark offers investors impact verification services, analytics, and benchmarks.

Conclusion

Temasek was quick to debunk the rumors going around the crypto community, claiming that the firm had chosen to invest in Array’s recent project. The spread of this false news comes barely a week after another incorrect information about Mt Gox and the US government moving funds circulated the internet, allegedly causing the temporary crash of BTC price.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: AIArrayFTXTemasek
TweetShareShare
BlockNews Team

BlockNews Team

DON'T MISS THESE! HOT OFF THE PRESS

Here is What Aave’s CEO Just Revealed About the Q4 2025 Upgrade
CRYPTO

Here is What Aave’s CEO Just Revealed About the Q4 2025 Upgrade

September 17, 2025
How to Go From Zero to Your First Profitable Trade in Crypto (2025)
BITCOIN

How to Go From Zero to Your First Profitable Trade in Crypto (2025)

September 17, 2025
What Happened in Crypto Today? – September 17: Fed Interest Rate Decision, Bullish DOGE and LINK News
CHAINLINK

What Happened in Crypto Today? – September 17: Fed Interest Rate Decision, Bullish DOGE and LINK News

September 17, 2025
What is Arbitrum? Why ARB is an Underpriced Crypto Gem Hiding in Plain Sight
CRYPTO

What is Arbitrum? Why ARB is an Underpriced Crypto Gem Hiding in Plain Sight

September 17, 2025
Here is Why Experts Predict a 40X Rally for Pepe Coin After $25M Whale Outflow
CRYPTO

Here is Why Experts Predict a 40X Rally for Pepe Coin After $25M Whale Outflow

September 17, 2025
Here is Why SUI Could Soar 200% on Google Cloud Partnership and ETF Buzz
CRYPTO

Here is Why SUI Could Soar 200% on Google Cloud Partnership and ETF Buzz

September 17, 2025
Load More

Related News

Here is What Aave’s CEO Just Revealed About the Q4 2025 Upgrade

Here is What Aave’s CEO Just Revealed About the Q4 2025 Upgrade

September 17, 2025
How to Go From Zero to Your First Profitable Trade in Crypto (2025)

How to Go From Zero to Your First Profitable Trade in Crypto (2025)

September 17, 2025
What Happened in Crypto Today? – September 17: Fed Interest Rate Decision, Bullish DOGE and LINK News

What Happened in Crypto Today? – September 17: Fed Interest Rate Decision, Bullish DOGE and LINK News

September 17, 2025
Jerome Powell October Rate Decision Outlook: What to Expect and How it Will Effect You

Jerome Powell October Rate Decision Outlook: What to Expect and How it Will Effect You

September 17, 2025
What is Arbitrum? Why ARB is an Underpriced Crypto Gem Hiding in Plain Sight

What is Arbitrum? Why ARB is an Underpriced Crypto Gem Hiding in Plain Sight

September 17, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews