Libra Committee Receives Strong Aid to Join Singapore Temasek as Newest Member

Facebook’s cryptocurrency Libra has introduced more new members to its committee this year, and earlier announced that Singapore’s sovereign fund Temasek is one of the latest members. This is the first time that the Libra Committee has partners from Asia, and has a government background. At the same time, Paradigm, a US-based cryptocurrency fund, and Slow Ventures, a private equity fund, also joined together, and Libra will gain more support.

Libra ’s press release stated that Temasek will support and promote the use of blockchain technology in various use cases, asset classes and different industries, and this move also reflects Temasek ’s commitment to exploring, developing and investing in different solutions. This creates a better and more sustainable smart world. Temasek International Deputy Chief Executive Xie Songhui said that blockchain technology plays a role of reform in the payment system, which can enhance cost efficiency and create new business opportunities. Joining the Libra committee will allow the fund to contribute to the establishment of a regulated and efficient payment network.

As for the two investment funds Paradigm and Slow Ventures from the United States, they will use their technology and the ability to develop blockchain and cryptocurrency assets to help the Libra payment system become more open and improve its long-term competitiveness standards. Dante Disparte, vice chairman of the Libra Committee, pointed out that after obtaining three new members this time, it shows that the Committee is building a diversified organization, contributing to governance and technical routes, and preparing for the future launch of the Libra network.

Since the launch of the Libra project in June last year, it has attracted the attention of multinational regulatory agencies. Many founding members have withdrawn due to concerns about regulatory risks, including large companies such as Visa, Mastercard and Vodafone. At the same time, in response to regulatory requirements, a second white paper was also issued in April, and four major changes were made to relieve regulators ’doubts. For example, a single currency such as the US dollar and the euro can be anchored instead of just anchoring it Set a basket of currencies, allowing users to exchange Libra directly with their own currencies, reducing the impact on their currencies.