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Singapore’s government-owned investment firm Temasek continues to invest in cryptocurrency projects despite losing hundreds of millions of dollars to the collapsed FTX exchange.
Temasek has invested $10 million in Array, the developer of an algorithmic currency system based on smart contracts and artificial intelligence.
Announcing the news on May 1, Array stated that this raise marks its second funding round, bringing the firm’s valuation to over $100 million.
The new algorithmic currency system, backed by Temasek, aims to provide a more “stable, efficient and scalable” asset than traditional cryptocurrencies like Bitcoin (BTC). The system is expected to support various use cases, including payments, remittances, and investments.
Array’s smart contract platform, ArrayFi, is designed to enable decentralized applications built on its network and driven by its proprietary AI algorithm, ArrayGo. Based on a bonding curve smart contract, ArrayGo operates independently without human or institutional control, triggered solely by market actions, according to the firm.
“In order to ensure the value of the token remains stable and predictable for investors and traders indefinitely, a traditional bonding curve is implemented manually,” the Array team noted in a Medium blog post. The bonding curve is embedded into a smart contract that governs the issuance and trading of the native token Ara (ARA).
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According to Array’s first Twitter Space held in February, the company’s bonding curve mathematics aims to protect users against “pump-and-dump” schemes.
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Temasek’s investment in Array comes several months after the Singapore government acknowledged that the firm suffered reputational damage from its investment in the collapsed crypto exchange FTX. In November 2022, Singaporean Deputy Prime Minister Lawrence Wong stated that Temasek suffered significant losses beyond just financial impacts from its FTX investment.
Temasek, which is fully owned by the Ministry of Finance but operates independently, was forced to write down its entire $275 million investment in FTX. This amount represented just 0.09% of Temasek’s $403 billion portfolio as of March 2022.
In April, Temasek also participated in a $10 million Series A round for BlueMark, a United States-based impact-verification and intelligence firm.
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