The Libra Association has added Temasek, Singapore’s state investment fund, as its new member, along with two blockchain-focused venture capitals Paradigm and Slow Ventures.
Announced on Thursday, Temasek has joined the Swiss non-profit anticipating the potential of the project because of the use of blockchain technology.
The sovereign fund is managing assets worth $300 billion and the Libra association believes that it’s joining as one of its members is “bringing a differentiated position as an Asia-focused investor.”
“Our participation in the Libra Association as a member will allow us to contribute toward a regulated global network for cost effective retail payments,” Chia Song Hwee, Temasek International Deputy Chief Executive Officer, said in a statement. “Many developments in the space excite us. We look forward to further exploring the potential of the technology.”
Efforts to replace the giants who left the project
Facebook announced the concept of Libra last year and formed the non-profit to govern the proposed digital currency. However, a proposal for launching a private digital currency by the social media mammoth alerted the regulators which followed backlash.
Though targeted for a mid-2020 launch, even Mark Zukerberg raised doubts about launching Libra within the proposed deadline.
Negative regulatory scrutiny also forced major payments and technology companies including Visa, Mastercard, Paypal, Stripe, and a few others to leave the Libra Association.
Despite the exit of eight original members, the Libra Association is now adding members to strengthen the backing of the digital currency.
Last month, the organization updated the Libra whitepaper, changing the structure of the digital currency to woo the regulators.
“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,” Dante Disparte, vice chairman and head of policy and communications for the Libra Association, added.