Singapore State Investor Temasek Joins Facebook's Libra Cryptocurrency Project

Singapore state-owned investment firm Temasek Holdings Pvt. Ld. has joined Facebook Inc.'s (NASDAQ: FB) Libra Association, the latter announced Thursday.

What Happened

Cryptocurrency investment firms Paradigm and Slow Ventures have also joined the organization overlooking the development of the digital currency project. "Temasek, a global investment company headquartered in Singapore, brings a differentiated position as an Asia-focused investor," Libra said in a statement.

We're pleased to join @Libra_ as a member. Looking forward to the potential of this #blockchain-based digital currency, and how it can help create a regulated global network for cost effective retail payments! https://t.co/E024DCgdqN

— Temasek (@Temasek) May 15, 2020

"Our participation in the Libra Association as a member will allow us to contribute toward a regulated global network for cost effective retail payments," Temasek International Deputy Chief Executive Officer Chia Song Hwee said in a statement, according to Bloomberg, which first reported the news. "Many developments in the space excite us. We look forward to further exploring the potential of the technology."

Why It Matters

Libra was formally announced by Facebook in June last year but has faced significant regulatory challenges in the United States and worldwide.

Multiple companies, including PayPal Holdings Inc. (NASDAQ: PYPL), Visa Inc. (NYSE: V), Mastercard Inc. (NYSE: MA), and eBay Inc (NASDAQ: EBAY), joined and left over the course of the year. The Libra association is looking to revamp the project, including creating stable cryptocurrencies pegged to different fiat currencies, instead of just the Libra coin, with an intended initial launch this year.

Price Action

Facebook shares closed 0.8% higher at $206.81 on Thursday and added another 0.2% in the after-hours, at $207.28.

Image Credit: Courtesy of Libra Association.