Raise

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<p class="has-drop-cap">Decentralized finance (DeFi) protocol <a aria-label="Array announced (opens in a new tab)" href="https://mondovisione.com/media-and-resources/news/array-secures-10-million-investment-from-temasek-family-for-next-generation-alg/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Array announced</a> it had reached a valuation of $100 million after bagging a $10 million investment from Singapore-based investment behemoth Temasek. Array is working on an algorithmic currency system to provide greater scalability, stability, and efficiency than other cryptocurrencies. However, later the investment fund <a href="https://www.temasek.com.sg/en/news-and-resources/news-room/alerts/2023/fake-news-about-temasek-s-investment-in-array" target="_blank" aria-label="denied (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">denied</a> any connection with the project.</p> 
<h3 id="what-is-array">What is Array?</h3> 
<p><a aria-label="Array (opens in a new tab)" href="https://arrayfi.io/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Array</a>, an omni-chain protocol developing a next-gen algorithmic currency system, announced on Monday it had secured a $10 million injection from the Singapore-based investment firm Temasek. With the new investment, Array’s valuation exceeded $100 million, “making it one of the most valuable algorithmic currency systems in the market,” the company said in the press release. Array said this is its second funding round.</p> 
<p>Array said it is developing an algorithmic currency system that offers users a more efficient, stable, and scalable asset than traditional crypto assets such as Bitcoin. This would make Array “a promising candidate for a variety of use cases, including payments, remittances, and investment,” the company said in the announcement.</p> 
<p>The protocol launched a native token, $ARA, a decentralized reserve currency, a wealth storage method backed by the Array treasury. Compared to other cryptocurrencies, $ARA has two prices – the market price and the floor price. According to its blog post on Medium, Array develops a super stablecoin “through an algorithm system invented by itself.” This system prevents $ARA’s floor price from breaking, meaning the token will never be liquidated, Array said in the post.</p> 
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<h3 id="temasek-continues-investing-in-crypto-after-ftx-fallout">Temasek Continues Investing in Crypto After FTX Fallout?</h3> 
<p>The rumour comes just months after the collapse of one of the biggest crypto exchanges, FTX. Temasek, just <a href="https://tokenist.com/singapore-governments-fund-among-ftx-investors-monitoring-developments-report/" rel="dofollow" class="deco-link">one of the prominent investors</a> in FTX, saw reputational damage after it was revealed that FTX was one of the biggest financial frauds in US history.</p> 
<p>The investment giant participated in <a href="https://www.reuters.com/technology/crypto-firm-ftx-trading-raises-900-mln-18-bln-valuation-2021-07-20/#:~:text=Crypto%20firm%20FTX%20Trading's%20valuation%20rises%20to%20%2418%20bln%20after%20%24900%20mln%20investment,-Reuters&amp;text=July%2020%20(Reuters)%20%2D%20FTX,fundraises%20for%20a%20crypto%20company." target="_blank" aria-label="FTX’s $900 million funding round (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">FTX’s $900 million funding round</a> in 2021, which valued the crypto exchange at $18 billion. The exact size of Temasek’s investment was not disclosed.</p> 
<p>But even though Temasek has made several notable crypto-related investments in FTX, Coinbase, and <a href="https://tokenist.com/animoca-labs-to-raise-100m-in-funding-round-led-by-temasek-report/" rel="dofollow" class="deco-link">Animoca Labs</a>, its portfolio primarily consists of technology, healthcare, and financial services companies. While Singapore’s Ministry of Finance wholly owns it, the conglomerate operates independently, with a portfolio worth over $400 billion.</p> 
<p><em>Editorial Update (2nd May 6:02 AM EST): Temasek has denied investing in Array with an official statement. The initial source of the report has been hence deleted.</em> <em>The article has been change</em>d to reflect the updated info.</p> 
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<p><em><strong>What do you think about Array’s idea of a “super stablecoin”? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/super-stablecoin-platform-array-raises-10m-from-temasek/">“Super Stablecoin” Platform Array Claims to Raise $10M from Temasek</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

“Super Stablecoin” Platform Array Claims to Raise $10M from Temasek

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