Singapore government investment firm Temasek continues to invest in crypto despite losing millions of dollars in the FTX collapse. According to a new announcement, he has invested a million dollars in a company focused on artificial intelligence.
Temasek poured $10 million into this cryptocurrency company and project
Singapore-based global investment firm has invested $10 million in AI-based algorithmic currency system developer Array. Announcing the news on May 1, Array said the fund is the second round of funding that raised the company’s value to over $100 million.
The new algorithmic currency system powered by Temasek aims to provide a more “stable, efficient and scalable” coin than traditional cryptocurrencies like Bitcoin. The system is expected to have a variety of use cases, including payments, remittances, and investments.
Array’s smart contract platform, ArrayFi, is designed to enable decentralized applications built on top of its network and managed by its proprietary artificial intelligence algorithm ArrayGo. This AI algorithm works independently without any human or corporate control. This makes it a groundbreaking DeFi project in the market.
Temasek continues crypto investments despite loss in collapsing FTX
Temasek’s latest investment comes a few months after he admitted he was hurt by his investment in FTX. In November 2022, Singapore Deputy Prime Minister Wong argued that Temasek suffered much more than financial losses from FTX.
Temasek had to burn the entire $275 million FTX investment. The amount was only 0.09% of Temasek’s $403 billion portfolio as of March 2022.
cryptocoin.comAs we reported, Temasek also participated in the $10 million A series for the US-based BlueMark in April.
