24/7 Cryptocurrency News

Singapore State-Owned Temasek Denies $10M Investment in Array

Singapore government-owned investment firm Temasek has denied ever investing the sum of $10 million in Array
Published by
Singapore State-Owned Temasek Denies $10M Investment in Array

Only a few hours after it was announced that Singapore government-owned investment firm Temasek invested about $10 million in Array, the former has denied the undertaking. The news of the investment was made by Array, the developer of an algorithm currency system which runs on smart contracts and artificial intelligence (AI). 

Per a published statement by Temasek, 

“We have seen news articles and a tweet from Array about Temasek’s investment in it. This news is incorrect. Temasek has not invested in Array and we have no relationship with them.” 

Markedly, Array listed other top-tier entities that joined Temasek in the investment. Binance Labs, the venture capital arm of a leading cryptocurrency exchange made it to the list although a Binance spokesperson claims that no investment has been made in this regard. In its announcement on Monday, May 1st, Array explained that the fund had raised the project’s valuation to about $100 million.

A similar episode had transpired between top venture capital firms DRW and Nascent, and OPNX, a cryptocurrency exchange founded by Su Zhu and Kyle Davies after 3AC collapsed. After announcing a long list of investors which included DRW and Nascent, many of them denied having any involvement with the new business. 

Like OPNX and its so-called investors, no one knows for sure who is telling the truth between Temasek and Array.

Advertisement

Temasek Write Down $275M After FTX Contagion

Temasek was dealt a huge blow by the implosion of Bahamian-headquartered cryptocurrency exchange FTX under the leadership of Sam Bankman-Fried. 

The Singapore state-owned firm suffered a contagion of $275 million in FTX but was forced to write down the debt amidst the FTX bankruptcy proceeding. This was the case with some entities like Metaplex Studio, block to and many others.

According to Singapore Deputy Prime Minister Lawrence Wong, the loss did more than financial damage to the firm as there was also reputation damage to Temasek.

Furthermore, he said “The fact that other leading global institutional investors like BlackRock and Sequoia Capital also invested in FTX does not mitigate this. The loss did not mean state investor Temasek’s governance system was not working.” 

It is worth noting that the $275 million represented 0.09% of Temasek’s $403 billion portfolio at the end of the first quarter of 2022.

Following the FTX collapse, Temasek pointed fingers at the nascent and high-risk nature of blockchain technology and the crypto industry as shortcomings that had previously been mentioned. 

Advertisement

Share
Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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.

Recent Posts

  • 24/7 Cryptocurrency News

Expert Predicts SOL ETF Approval This Week as Solana ETPs Break All-Time Record

An expert has predicted that the U.S. SEC could finally approve the pending SOL ETF…

October 7, 2025
  • Altcoin News

XRP On-Chain Data Flashes Buy Signal as Analysts Target $4

On-chain data expert Santiment claimed XRP is flashing a promising buy signal. The highest level…

October 7, 2025
  • 24/7 Cryptocurrency News

U.S. To Start Funding Its Bitcoin Reserve Anytime, Says Senator Lummis as BTC Rally Extends

Senator Cynthia Lummis confirmed that the U.S. government would begin funding its Strategic Bitcoin Reserve…

October 7, 2025
  • 24/7 Cryptocurrency News

Bitcoin Should Be At $148,000 To Match With Gold Rally, Says Peter Schiff

Bitcoin price surged to a fresh all-time high at $126,198, with its market cap surging…

October 7, 2025
  • 24/7 Cryptocurrency News

Dogecoin Gets Major Upgrade With Cardinals Index Node Launch, Analyst Predicts 37x Rally

Dogecoin’s utility gets a major boost after the network released a new upgrade to its…

October 7, 2025
  • Altcoin News

Coinbase Announces DoubleZero (2Z) Listing Following the US SEC’s No-Action

Coinbase crypto exchange added DoubleZero (2Z) to its listing roadmap today. This follows the U.S.…

October 7, 2025