- 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.
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.