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Temasek Plans To Bail Out Crypto Trading Firm

Temasek Holdings, the Singaporean state-holding company owned by the government of Singapore is allegedly engaging with FTX amid Binance’s plans to bail out the crypto trading firm.

It has been reported that Singapore’s state investor has been known to have invested in the cryptocurrency and blockchain industry for quite some time now. On November 9, 2022, The Straits Times (TST) business correspondent Claire Huang reported that a spokesperson from Temasek Holdings has been engaging with FTX.

However, Temasek is Singapore’s state-owned holding company that was established in 1974. Temasek’s assets under management (AUM) as of 2022 are estimated to be worth around S$403 billion.

A Temasek spokesperson said:

“We are aware of the developments between FTX and Binance, and are engaging FTX in our capacity as a shareholder.”

The report said that the news follows Binance CEO Changpeng Zhao (CZ) telling the public his company would acquire FTX, with details to be announced in the near future. After CZ’s initial statements, Binance revealed on November 9 that it has officially backed out of the deal to acquire FTX.

Likewise, Temasek has been investing in cryptocurrency and blockchain industry-related companies for the last few years. For instance, the government-owned firm led a Series C round that saw Immutable (Immutable X) raise $200 million. As far as the trouble crypto exchange FTX is concerned, Temasek funding helped fuel FTX’s Series B and C rounds.

Thus, leveraging Vertex Ventures, Temasek is also invested in Binance, the TST business correspondent details in her report. Temasek led a funding round for the blockchain gaming publisher and Web3 firm Animoca Brands with Boyu Capital, and GGV Capital when Animoca Brands raised $110 million in September.

Source: Bitcoin News



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