Singapore’s government-owned investment firm Temasek is continuing to invest in cryptocurrency projects, despite losing hundreds of millions of dollars to the collapsed FTX crypto exchange.
Temasek has invested $10 million in Array, the developer of an algorithmic currency system based on smart contracts and artificial intelligence.
Array announced on May 1 that this is its second funding round and the investment is expected to bring the firm’s valuation to more than $100 million.
The new algorithmic currency system, backed by Temasek, aims to provide a more “stable, efficient and scalable” asset than traditional cryptocurrencies such as Bitcoin (BTC). Its expected use cases include payments, remittances and investments.
Array’s smart contract platform, ArrayFi, is designed to enable decentralized applications built on top of its network and driven by its proprietary AI algorithm ArrayGo. ArrayGo works autonomously without any human or institutional control and is triggered solely by market actions, according to the firm.
The Array team stated in a Medium blog post, “In order to ensure the value of the token remains stable and predictable for investors and traders indefinitely, a traditional bonding curve is implemented manually.” The bonding curve is implemented into a smart contract that governs the issuance and trading of the native token Ara (ARA).
Array’s first Twitter Space conducted in February noted that its bonding curve mathematics aims to protect users against “pump-and-dump” schemes.
Related: Former FTX exec Ryan Salame’s home searched by FBI: Report
Temasek’s investment in Array comes several months after the Singapore government admitted that the company suffered reputational damage from investing in the collapsed crypto exchange, FTX. In November 2022, Singaporean Deputy Prime Minister Lawrence Wong argued that Temasek suffered a lot more than just financial losses due to investing in FTX.
Temasek, which is fully owned by the Ministry of Finance but operates independently, wrote down its entire $275-million FTX investment. The amount accounted for just 0.09% of Temasek’s $403 billion portfolio as of March 2022.
In April, Temasek also participated in a $10-million Series A round for the US-based impact-verification and intelligence firm BlueMark.
Magazine: Crypto Twitter Hall of Flame, Gabriel Haines: Shirtless shitposting and hunting SBF on the meme streets
