FTX Investor Temasek Bets $10 Million On New Scalable Algorithmic Currency – Here’s How It Works
Temasek, a Singapore government-owned firm, is doubling down on its crypto investment strategy with a $10 million injection into Array, a new scalable algorithmic currency that utilizes artificial intelligence and smart contracts.
Despite suffering significant losses through its exposure to the bankrupt crypto exchange FTX, Temasek remains committed to the crypto space.
This latest investment marks a significant step forward in its efforts to explore and capitalize on the potential of emerging crypto technologies.
The move is also indicative of the growing interest among institutional investors in AI-driven crypto solutions and their potential to reshape the financial landscape in the coming years.
Recently, Array announced support from Temasek while stating its participation in the second funding round.
The company stated that the investment would bring Array's valuation to over $100 million.
Temasek's investment in Array is a clear indication of its unwavering confidence in the potential of crypto and blockchain technology.
As a forward-thinking player in the market, the firm is committed to supporting the growing innovations in the crypto space and the expanding dynamics that come with it.
Temasek recognizes the value and vision behind Array's new projects, and is seeking to participate in this movement by backing the company.
Moreover, through its investment, Temasek is actively searching for secure and stable alternatives to traditional crypto assets, which are often plagued by issues of volatility and security.
In November, he government of Singapore admitted in a public statement that the firm’s exposure to FTX created reputational damage.
Temasek lost a whopping $275 million in the FTX exchange.
The new algorithmic
Read more on cryptonews.com
