Singapore-headquartered Temasek Holdings joins the Libra Association
- Temasek joined the Libra Association alongside Paradigm and Slow Ventures.
- The Libra Association is continuously revamping the Libra project to get regulatory approval.
- The association aims to launch the Libra stablecoin before the end of 2020.
Temasek Holdings, a Singapore stake investor has joined the Libra Association. The group unveiled this news on May 14 through an official statement, noting that Temasek was among three of its latest members. The other two members are San Francisco-based crypto investment firm Paradigm and Slow Ventures, a private equity firm.
In the statement, the organization said that Temasek would bring a differentiated position as an Asia-focused investor.
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Speaking about this feat, Dante Disparte, the vice-chairman, and head of policy, and communication for the Libra Association said,
“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. We are honored to welcome Temasek, Paradigm and Slow Ventures to this effort. Each of these organizations shares our overall mission alignment bringing unique capabilities and long-term focus on market development for blockchain and digital assets.”
Contributing to building a regulated global network
At the moment, Temasek has a portfolio of approximately £17.21 billion. This makes it one of the most prominent backers of the Libra project after Mastercard and Visa.
Commenting on this move, Temasek’s deputy CEO, Chia Song Hwee said,
“Blockchain technology can play a transformative role in payments networks by enhancing cost efficiencies, creating new business opportunities and accelerating financial inclusion. Our participation in the Libra Association as a member will allow us to contribute towards a regulated global network for cost effective retail payments.”
Striving to launch Libra before the end of 2020
Initially, the Libra project was set to go live in June. However, opposition from global regulators has seen the organization push the launch date forward. While there isn’t an exact date of launch, the organization projects that the project will go live between mid-November and the end of 2020. To achieve this, the group has been making changes to the project to obtain regulatory approval.
For instance, the Libra Association announced that it had changed the project’s structure. These new changes will see the Libra stablecoin become pegged to national currencies and regulated by global watchdogs.
Apart from this, the organization also appointed Stuart Levey, HBSC’s legal chief as its first CEO. While announcing Levey’s appointment, the organization said he would bring a wealth of leadership experience in the public and private sectors cutting across the banking, regulatory policy, and national security issues.
Do you think onboarding more members will help the Libra Association get the green light for launching the Libra stablecoin as scheduled? Share your thoughts in the comment section below.