The state investment fund of Singapore, Temasek, recently announced that it had joined the Libra Association. Besides the investment fund, two venture capital firms, with a focus on the blockchain sector, have been added to the association. The two are Slow Ventures and Paradigm.
Singapore’s State Fund is Huge
With the announcement, the state fund will now be part of the Libra Association, which is responsible for steering the launch of Facebook Libra. Currently, Temasek manages funds worth around $300 billion. The Libra Association believes that Temasek will bring a new perspective due to its focus on investing in Asia.
Temasek said that its decision to join the association would enable them to contribute toward the development of a regulated global network. It added that the network would facilitate the implementation of cost-effective payments for retail businesses. The International Deputy Chief Executive Officer of the fund, Chia Song Hwee, said that they were excited by numerous developments in the blockchain space. He added that the fund looked forward to exploring the potential that the technology held.
Replacing Heavyweights Who Left the Association
Facebook announced Libra in 2019. Shortly after, regulators from all over the world began raising questions about the project. Consequently, various organizations abandoned the project. However, they said that they were open to rejoining Libra later. Due to the regulatory backlash, Zuckerberg has raised doubts about the project’s launch in mid-2020 as originally envisioned.
Some of the giants who left the project include Visa, PayPal, and Mastercard. In total, eight original members have thus far left the association. However, the project has forged on, even in the face of regulatory pressure and various members leaving. Various other members have joined the organization since it was announced. They include Shopify, Tagomi, and Heifer International. In a bid to get regulators on their side, the Libra Association updated the whitepaper of the Libra coin. Significant changes to how the coin would work have been made.
According to the VC of policy and communication at the Libra Association, Dante Disparte, the addition of the three members shows they are committed to diversity in the association. He added that the members would all contribute to the technological roadmap, governance, and the launch readiness of the Libra payment network.