Asia’s largest investment company Temasek and two cryptocurrency venture capital firms Slow Ventures and Paradigm have become new members of the Libra Association.
We are pleased to announce that @Temasek, @paradigm, and @slow are the newest members of the Libra Association. We look forward to working together to break down financial barriers for billions of people. #TechInnovation #FinancialInclusion//t.co/ApuE6b5FSw
— Libra (@Libra_) May 14, 2020
Thus, since the beginning of the year, the Libra Association has gained seven new members, and its total number has reached 27.
“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. We are honored to welcome Temasek, Paradigm, and Slow Ventures to this effort. Each of these organizations shares our overall mission alignment bringing unique capabilities and long term focus on market development for blockchain and digital assets,” said Dante Disparte, Vice Chairman and head of policy and communications for the Libra Association.
The involvement of Temasek, which is being operated on behalf of the Singapore authorities, could be an important milestone in the development of the Libra Association. According to the organization’s website, the net value of positions in the fund’s investment portfolio at the end of 2019 amounted to S$ 313 billion (~ $ 220 billion), while one third is concentrated in assets outside Asia.
“Temasek’s efforts to support and advance the use of blockchain technology across a range of use cases, asset classes and sectors, reflects its drive to explore, develop and invest in solutions to bring about a better, smarter, and more sustainable world.,” the press release said.
In an updated white paper, the Libra Association announces plans to create several stablecoins, each of which will be tied to different fiat currencies. In addition to the US dollar, the euro and the British pound, it will include the Singapore dollar.
Slow Ventures and Paradigm act as cryptocurrency-oriented investment funds that “will help stimulate development in the open and competitive standard of the Libra payment system.”
Recall that the Celo project, created as an alternative to the Libra Association, raised $ 10 million on the eve of the token sale on the CoinList platform.