Singapore state-owned investment company Temasek Holdings has joined The Libra Association, a Facebook-backed blockchain-based payment system project.
Temasek joins cryptocurrency investment firm Paradigm and the private equity group Slow Ventures as a new member of the 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.
San Francisco-based Paradigm is a crypto investment firm focused on leading cryptoassets and businesses from the earliest stages of idea formation through maturity.
Headquartered in San Francisco, Slow Ventures invests in companies central to the technology industry and those on the edges of science, society, and culture. Slow Ventures has backed technology-driven disruptors including Slack, Postmates and Airtable.
Last year, The Monetary Authority of Singapore held discussions with Facebook Inc. about its plans for a new cryptocurrency, though the regulator still sees significant obstacles in the way of the social media firm’s project. Despite the potential benefits of Libra, concerns raised about the way it would function are “not trivial,” MAS Managing Director Ravi Menon said.
Libra’s earlier members include Heifer International, Checkout.com, Shopify and Tagomi.