Temasek Denies Crypto Firm Array’s Investment Claims

Temasek Denies Crypto Firm Array’s Investment Claims

by May 3, 2023

Singapore’s sovereign wealth fund, Temasek, has refuted claims that it made an investment in Array, a firm specialising in algorithmic cryptocurrency development.

In response to recent news articles and a tweet from Array regarding an alleged investment by Temasek, the investment firm issued a statement clarifying, “This news is incorrect. Temasek has not invested in Array and we have no relationship with them.”

Array is known for its algorithmic currency system, which utilises smart contracts and artificial intelligence. On Monday, the developer announced in a press release that it had secured a US$10 million investment from Temasek, raising its valuation to US$100 million and positioning it as “one of the most valuable algorithmic currency systems in the market”.

Despite denying any involvement with Array, Temasek has demonstrated a keen interest in the cryptocurrency industry. Last year, the firm led a US$100 million funding round for Hong Kong-based blockchain and gaming venture Animoca Brands. Temasek was also at the helm of Amber Group’s US$200 million funding round, as well as a US$200 million Series C round for NFT start-up Immutable.