Singapore state investor Temasek Holdings has joined the Facebook-backed Libra digital currency project which has faced intense inspection from global regulators worried its launch could erode national control over money.
The entry of Temasek, which latest figures show includes a portfolio value of just more than S$300 billion ($210 billion), was declared by by the Switzerland-based Libra Association, the entity managing the digital currency project.
Temasek becomes one the project’s most well-known backers after payments giants Mastercard, Visa Inc and PayPal earlier ditched the scheme.
Libra, which also added cryptocurrency investor Paradigm and private equity firm Slow Ventures to its roster, said Temasek offered a “differentiated position” as an Asia-focused investor.
In April, Libra’s governing body said the planned digital currency will be linked to individual national currencies and overseen by global watchdogs, in a scaled-back revamp it hopes will win regulatory approval.
Libra is now expected to be launched between mid-November and therefore the end of the year, later than initial plans for a launch by the top of June.
Earlier in May 2020, Libra appointed HSBC legal chief Stuart Levey as the CEO.
