Temasek an FTX investor has committed $10 million in Array

Despite losing hundreds of millions of dollars in the FTX crypto exchange’s collapse, Singapore’s government-owned investment firm Temasek continues to invest in cryptocurrency projects.

Array is creating an algorithmic currency system using smart contracts and AI, and Temasek has invested $10 million in the company.

Array announced on May 1 that this is its second investment round and that the company’s valuation has increased to over $100 million.

A more “stable, efficient, and scalable” asset than Bitcoin is the goal of the new Temasek-backed algorithmic currency system.

Payments, remittances, and even investments are just some of the use cases envisioned for the system.

Array’s ArrayFi intelligent contract platform is intended to facilitate the development of network-agnostic, AI-driven decentralized applications.

The company claims that ArrayGo, based on the bonding curve smart contract, runs autonomously, without human or institutional control, and is set off only by market events.

The Array team wrote on Medium that they manually create a classic bonding curve “to ensure the token’s value remains stable and predictable for investors and traders indefinitely.”

The native token Ara (ARA) is issued and traded according to the rules of a smart contract based on the bonding curve.

As stated in the company’s first Twitter Space back in February, bounding curve mathematics is used by Array to safeguard its consumers from “pump and dump” methods.

Several months after the Singaporean government’s admission that Temasek’s reputation was damaged because of its investment in the defunct cryptocurrency exchange FTX, Temasek invested in Array.

Singapore’s Deputy Prime Minister Lawrence Wong stated in November 2022 that Temasek’s losses from investing in FTX extended far beyond monetary ones.

The Ministry of Finance of Singapore’s wholly owned but independently run investment arm Temasek had to take a complete $275 million writedown on its FTX holdings.

As of March 2022, Temasek had a $403 billion portfolio. Therefore this sum represented merely 0.09 percent of the total.

Temasek invested $10 million in BlueMark, an American impact verification and intelligence startup, in its series A investment in April.