Temasek and Paradigm join the Libra crypto-project

Libra just added 3 new members including the powerful Singaporean investment firm Temasek.

The Swiss association yesterday Libra announced the arrival of Temasek Holdings Pte, an investment company founded in 1974 in Singapore that manages nearly 200 billion euros for its clients.

Our participation in the Libra Association will allow us to contribute to a global regulated network for retail payments. There are many developments in space that excite us – we look forward to further exploring the potential of the technology, ”said Chia Song Hwee, Deputy CEO of Temasek.

The American crypto-investor Paradigm, which supports a myriad of blockchain and cryptocurrency start-ups, as well as the California venture capital firm Slow Ventures also joined the initiative.

Unveiled in June 2019, the giant Facebook's cryptocurrency project quickly caught fire regulators around the world.

While several important members, such as PayPal, Visa and Mastercard, have already left the consortium, Temasek thus positions itself as one of the largest donors to the project still in the running.

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The addition of three new members to the Libra Association demonstrates our commitment to building a diverse group of organizations that will contribute to governance, the technology roadmap and the start of preparation for the Libra payment system, ”said Dante Disparte, vice president and spokesperson for Libra.

Last month, the online payment company Checkout.com and the non-profit organization Heifer also joined the initiative.

Rather this month, the Swiss foundation has appointed Stuart Levey, current legal director of HSBC and former first under-secretary of the US Treasury, as CEO.

Note that in 2019, the Monetary Authority of Singapore (MAS), in collaboration with JP Morgan and Temasek, has developed a blockchain-based prototype for making payments in multiple currencies on the same network.