(Bloomberg) — Singapore state investor Temasek Holdings Pte has joined the Libra Association — the organization behind Facebook Inc.’s proposed digital currency.
Libra said in an emailed statement that San Francisco-based crypto investment firm Paradigm, as well as investor Slow Ventures, have also joined as new members.
The move to add Temasek comes as Libra attempts to win over global regulators to push the project forward, after facing initial blowback from politicians and revising plans for the release of a digital coin. Libra last week announced former U.S. Treasury Department official Stuart Levey as its first chief executive officer.
Temasek International Deputy Chief Executive Officer Chia Song Hwee said in a statement that the investment firm is working with government agencies and companies to advance the use of blockchain technologies.
“Our participation in the Libra Association as a member will allow us to contribute toward a regulated global network for cost effective retail payments,” he said. “Many developments in the space excite us. We look forward to further exploring the potential of the technology.”
Libra was invented by social network Facebook and first announced in June 2019. It’s now governed by a 24-member independent coalition of companies and nonprofits, though the group has changed since it was first launched. Last month it said it aims to have its first coins ready in late 2020.
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