Facebook’s Crypto Project, Libra, Adds Singapore Govt. Backed Firm, Temasek

Nivesh Rustgi
May 15, 2020 Updated July 20, 2022
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Singaporean firm, Temasek Holdings Private Limited, owned by the Government of Singapore joins the Libra Association. Along with Facebook, Uber, Andressen Horowitz, and Coinbase, the $300 billion dollar holding company becomes the most prominent member of the Association.

The revelation was made in an press release yesterday by Libra. It also announced the addition of Paradigm and Slow Ventures to its’ list of members. Paradigm and Slow Venture are California based Venture Capital funds which invest in the technology industry.

Initially beginning with 27 members, the Libra Association saw significant set backs as members like MasterCard, VISA and PayPal backed out. Nevertheless, with the addition of three new firms, the association has risen back to 27 members. The press release notes,

The addition of three new members grows the Libra Association’s membership, including Heifer International, Checkout.com, Shopify and Tagomi, which were announced earlier this year.

Tagomi is a digital asset brokerage firm backed by co-founder of PayPal, Peter Thiel. Find the complete list of the members here.

After significant criticism and blockages to the original plan of a basket of FIAT currencies, the team revamped the design in April to issue individual FIAT currencies. Regulatory compliance will be one of the primary concerns for the Association. Moreover, the addition of the state-backed sovereign fund also strengthens the outlook around the project which nearly collapsed due to rejection from the world governments.

The expected launch date of the Libra stablecoins is around mid-November and the end of the year.

How do you think Libra’s launch will affect the on-ramp for cryptocurrencies? Please share your views with us. 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on X at @nivishoes or mail him at nivesh(at)coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.