According to a report published on Nov. 9, 2022, Temasek Holdings, the Singaporean state holding company owned by the government of Singapore is allegedly engaging with FTX amid Binance’s plans to bail out the crypto trading firm. Singapore’s state investor has been known to have invested in the cryptocurrency and blockchain industry for quite some time now.
Singapore State Holding Company Temasek Helps Fuel FTX’s Series B and C Funding Rounds, Spokesperson Says Company Is Joining FTX
On November 9, 2022, Claire Huang, business correspondent for The Straits Times (TST), reported that a spokesperson for Temasek Holdings is joining FTX. Temasek is a Singapore state-owned holding company that was established in 1974. The value of Temasek’s assets under management (AUM) by 2022 is estimated to be approximately $403 billion.
“We are aware of the developments between FTX and Binance, and are engaging FTX in our capacity as a shareholder,” the Temasek spokesperson reportedly told Huang. The news follows Binance CEO Changpeng Zhao (CZ) telling the public his company would acquire FTX, with details to be announced in the near future. However, following CZ’s initial statements, Binance revealed on Nov. 9 that it has officially backed out of the deal to acquire FTX.
Temasek has been investing in companies related to the cryptocurrency and blockchain industry for the past few years. For example, a government-owned firm led a Series C round in which Irreversible X raised $200 million. As far as crypto exchange FTX is concerned, Temasek funding helped promote Series B and C rounds of FTX.
Leveraging Vertex Ventures, Temasek is also invested in Binance, the TST business correspondent details in her report. Temasek led a funding round for the blockchain gaming publisher and Web3 firm Animoca Brands with Boyu Capital, and GGV Capital when Animoca Brands raised $110 million in September.
