Temasek’s rebuttal came shortly after representatives of the Singapore startup Aggauo announced that it would receive financial support from the government;
On Monday, May 1, the team at Array, a cryptocurrency startup focused on advancing a new algorithmic currency system, announced on Twitter that it had successfully completed a new round of funding.
According to Array, this investment brought the project’s value to more than $100 million..
In their message, Array emphasized the important role of the Temasek Foundation in creating an algorithmic currency.
“The new Temasek-backed algorithmic currency system aims to provide a more stable, efficient and scalable asset than traditional cryptocurrencies such as bitcoin,” the Array team reported team.
On Tuesday, May 2, the Temasek fund released a statement saying the company had not invested in Array:
Any news articles or tweets about the Temasek Foundation’s investment in the Array startup are untrue. Temasek has never invested in Array, and we have no relationship with them.
Temasek Investment Fund has recently denied any rumors or suspicions about its possible involvement in any crypto projects.
This is due to the fact that in November 2022 Temasek suffered significant reputational and financial damage due to an investment in the bankrupt cryptocurrency exchange FTX.