- Array Now Valued At $100M
- Investor company Temasek previously invested in FTX
Omni-chain protocol Array whose purpose is create algorithmic currency system of the next generation, attracts $10 million investment from investment company Temasek. The funds were received in the form of share capital. This is a testament to the potential and value of Array.
Array reports that its value after this investment will be more than $100 million. This makes it one of the most valuable algorithmic currency systems on the market. The company also believes that this investment demonstrates that the community believes in its vision and the team behind it.
The new algorithmic currency system backed by Temasek aims to provide a more “stable, efficient and scalable” asset than traditional cryptocurrencies like Bitcoin. The system is expected to have many use cases, including payments, money transfers, as well as investments.
Temasek has a mixed reputation. Months after the FTX collapse, the Singapore government said the firm had suffered reputational damage from investing in the bankrupt crypto exchange. Temasek was forced to write off its entire $275 million investment in FTX, an amount that represented just 0.09% of its $403 billion portfolio as of March 2022.
In April, Temasek also took part in a $10 million Series A round for US influencer and analytics firm BlueMark.