Singapore government-owned investment firm Temasek continues to invest in crypto despite losing millions of dollars in the FTX crash. According to a new announcement, he has invested a million dollars in a company focused on artificial intelligence.
Temasek poured $10 million into this cryptocurrency company and project
The global investment firm has invested $10 million in Array, the developer of an algorithmic currency system based on artificial intelligence. Announcing the news on May 1, Array said the fund is the second round of funding that raised the company’s value to over $100 million.
The new algorithmic currency system powered by Temasek aims to provide a more “stable and efficient” coin than traditional cryptocurrencies like Bitcoin. The system has tools for various use cases, including payments, remittances, and investments.
Array’s smart contract platform, ArrayFi, was designed to enable decentralized applications managed by ArrayGo. This AI algorithm works independently without any human or corporate control. This makes it a groundbreaking DeFi project in the market.
About ArrayFi and ArrayGo
The smart contract platform ArrayFi is also one of the important Blockchain products that the company has developed. ArrayFi enables dApps to be built on top of its own network, providing a more decentralized financial system. However, its own product is the DeFi smart contract platform managed by ArrayGo. Based on the binding curve smart contract, ArrayGo has all the advantages of maintaining stability and avoiding risks.
ArrayGo works independently without any human or organizational control. Moreover, it is driven solely by market actions. In summary, Array-Go learns, observes and makes predictions, making ArrayFi a groundbreaking DeFi project in the market. Here’s how the Array team describes the project’s features in a Medium blog post:
A traditional bond curve is manually applied to ensure that the token value remains stable and predictable for investors indefinitely. (The binding curve is applied to a smart contract that manages the issuance and trading of native token Ara (ARA))
Temasek continues crypto investments despite loss in collapsing FTX
Temasek’s latest investment comes a few months after he admitted he was hurt by his investment in FTX. In November 2022, Singapore Deputy Prime Minister Wong argued that Temasek suffered much more than financial losses from FTX.
Temasek specifically had to burn the entire $275 million FTX investment. The amount was only 0.09% of Temasek’s $403 billion portfolio as of March 2022.
cryptocoin.com As we reported, Temasek also participated in the $10 million A series for the US-based BlueMark in April.
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