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Libra Association Adds First State-Owned Entity As Its New Member, Singapore’s Temasek

Temasek, one of Singapore’s government owned firm is among the latest companies to join the Libra Association.

We’re pleased to join @Libra_ as a member. Looking forward to the potential of this #blockchain-based digital currency, and how it can help create a regulated global network for cost effective retail payments! — Temasek (@Temasek) May 15, 2020

Chia Song Hwee, deputy CEO of Temasek, said through a spokesperson:

“Our participation in the Libra Association as a member will allow us to contribute towards a regulated global network for cost-effective retail payments. Many developments in the space excite us. We look forward to further exploring the potential of the technology.”

Libra also announced recently on two cryptocurrency-focused investment firms in San Francisco that had joined the association:

  1. Paradigm (co-founded by Coinbase veteran Fred Ehrsam)

  2. Slow Ventures

The three additions bring the total number of organizations on Libra’s governing council to 27. Temasek manages $216 billion in assets for Singapore’s government.

Chia added:

“Blockchain technology can play a transformative role in payments networks by enhancing cost efficiencies, creating new business opportunities and accelerating financial inclusion..As part of our journey to better understand its impact across different fronts, we are collaborating with government agencies and companies to explore and advance its use.”

Coinbase veteran Fred said Libra’s power to take crypto mainstream appealed to his venture capital firm:

“Bridging the gap to a larger mainstream user base is the next step in the evolution of the space. Any network which has the potential to normalize crypto societally and offer distribution at this scale is valuable.”

In a press statement, Libra Vice Chairman Dante Disparte said the three additions:

“show our commitment to building a diverse group of organizations that will contribute to the governance, technological roadmap and launch readiness of the Libra payment system.”

Source: CoinDesk | Image: Pexels


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