One of Singapore’s government-owned investment vehicles, Temasek is among the latest companies to join the Libra Association.The addition may help explain why the Singapore dollar has figured prominently in Libra’s plans from the early days. In the initial vision of a new currency backed by a basket of different sovereign currencies, the “sing” was included alongside the U.S. dollar, the euro and the British pound.
Libra also announced Thursday that two cryptocurrency-focused investment firms in San Francisco had joined the association – Paradigm, co-founded by Coinbase veteran Fred Ehrsam, and Slow Ventures.
The additions increases the influence of financiers on Libra’s governing council. With eight members, they’re now the single largest group by industry and together wield nearly 30% of members’ control over the project.
Chia Song Hwee, deputy CEO of Temasek, said through a spokesperson,”Our participation in the Libra Association as a member will allow us to contribute towards a regulated global network for cost-effective retail payments. Many developments in the space excite us – we look forward to further exploring the potential of the technology.”
“Blockchain technology can play a transformative role in payments networks by enhancing cost efficiencies, creating new business opportunities and accelerating financial inclusion. As part of our journey to better understand its impact across different fronts, we are collaborating with government agencies and companies to explore and advance its use.” Chia added.
Last week, Libra added a CEO with a background in institutional banking and government finance.