Singapore’s Temasek Among Three New Libra Members

Singapore state investor Temasek Holdings is among three new members joining the Facebook-backed digital currency project Libra Association, according to a statement by Libra on Thursday (May 14).

Cryptocurrency investor Paradigm and private equity firm Slow Ventures were also named as new members of the Geneva, Switzerland-based association.

“The addition of three new members to the Libra Association shows our commitment to building a diverse group of organizations that will contribute to the governance, technological roadmap and launch readiness for the Libra payment system,” said Dante Disparte, vice chairman and head of policy and communications for the Libra Association.

He added that the association’s newest members align with Libra’s mission and offer “unique capabilities and long term focus on market development for blockchain and digital assets.”

Libra said that the global investment firm Temasek “brings a differentiated position as an Asia-focused investor. With its forward-looking and long term view, Temasek sees innovative technologies such as blockchain as transformative enablers of growth.”

“Blockchain technology can play a transformative role in payments networks by enhancing cost efficiencies, creating new business opportunities and accelerating financial inclusion,” said Chia Song Hwee, deputy CEO of Temasek International, in a separate statement, as reported by Reuters.

“Our participation in the Libra Association as a member will allow us to contribute towards a regulated global network for cost-effective retail payments,” he said.

Checkout.com signed on in April as the first payments firm to join Libra after Visa, Mastercard and Stripe bowed out in October. The eCommerce platform Shopify joined the association in February. Crypto broker Tagomi also joined in February.

When Facebook announced plans for its Libra stablecoin in 2019 it was immediately faced with worldwide scrutiny. The blockchain-backed cryptocurrency was aiming to connect the 1.7 billion unbanked people around the globe.