Facebook-backed digital currency project Libra has a new supporter! Temasek joined the initiative by the Libra Association, an independent group based in Switzerland set up to manage the digital currency project.
The other recent collaborations are cryptocurrency investor Paradigm and private equity firm Slow Ventures were the other two new members.
When Facebook announced the project Libra, it wasn’t welcomed by all. In fact, due to Facebook’s past of breaching privacy led many to be dubious about the new project as well.
A number of payments companies have pulled out of the project, including Visa, Mastercard, and PayPal. That makes Temasek, which has a portfolio value of 313 billion Singapore dollars (around $219 billion), one of the more prominent backers of libra. British payments start-up Checkout.com joined the project in April.
Speaking about the collaboration Chia Song Hwee, deputy CEO at Temasek said, “Many developments in the space excite us – we look forward to further exploring the potential of the technology and our participation in the Libra Association as a member will allow us to contribute towards a regulated global network for cost-effective retail payments”.
Libra recently made some changes, including a shift to issuing multiple so-called stablecoins, after receiving backlash from regulators.