Libra Association Adds Three New Members, Including a Government-Owned Firm

Francisco Memoria

The Facebook-backed Libra Association has added three new members to the consortium, including one of Singapore’s two government-owned investment vehicles, Temasek.

According to ZDNet, the Libra Association added Temasek, and cryptocurrency investment firms Paradigm and Slow Ventures. The organization’s vice chairman and head of policy and communications Dante Disparte was quoted as saying:

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.

Temasek entry’s in the organization is notable, and may reveal why the Libra Association has been prominently including the Singapore dollar in its plans since the beginning. Its initial version of a new cryptocurrency backed by a basket of fiat currencies included it next to the U.S. dollar, the euro, and the British pound, while its new version focusing on stablecoins also mentioned the currencies the same way.

According to Investopedia, Temasek manages investment funds on behalf of the Government of Singapore, and is estimates to have around SGD $313 billion (US $220 billion) in its portfolio. Through a spokesperson its deputy CEO, Chia Song Hwee, said:

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.

The additions increase the influence of financiers on the Libra Association, making them the largest group within it and giving them nearly 30% of members’ control over the project. There are now a total of 27 organizations on the Libra Association.

Featured image via Unsplash.