2 years ago
The caller algorithmic currency strategy aims to supply a much “stable, businesslike and scalable” plus than communal coins similar Bitcoin.
Own this portion of past
Collect this nonfiction arsenic an NFT
Singapore's government-owned concern steadfast Temasek continues investing successful cryptocurrency projects adjacent aft losing hundreds of millions of dollars to the collapsed FTX crypto exchange.
Temasek has invested $10 cardinal successful Array, the developer of an algorithmic currency strategy based connected astute contracts and artificial intelligence.
Announcing the quality connected May 1, Array said that the rise is its 2nd backing round, which is believed to bring the firm’s valuation to much than $100 million.
The caller Temasek-backed algorithmic currency strategy aims to supply a much “stable, businesslike and scalable” plus than accepted cryptocurrencies similar Bitcoin (BTC). The strategy is expected to person a assortment of usage cases, including payments, remittances arsenic good arsenic investments.
Array’s astute declaration platform, ArrayFi, is designed to alteration decentralized applications built connected apical of its web and driven by its proprietary AI algorithm ArrayGo. Based connected the bonding curve astute contract, ArrayGo operates independently, without immoderate quality oregon organization control, and is triggered solely by marketplace actions, the steadfast said.
“In bid to guarantee the worth of the token remains unchangeable and predictable for investors and traders indefinitely, a accepted bonding curve is implemented manually,” the Array squad noted successful a Medium blog post. The bonding curve is implemented into a astute declaration that governs the issuance and trading of the autochthonal token Ara (ARA).
According to Array’s archetypal Twitter Space conducted successful February, the company’s bounding curve mathematics aims to guarantee that Array users are protected against “pump and dump” schemes.
Related: Former FTX exec Ryan Salame’s location searched by FBI: Report
Temasek’s concern successful Array comes respective months aft the Singapore authorities openly admitted that the company suffered reputational damage owed to investing successful the collapsed crypto speech FTX. In November 2022, Singapore’s Deputy Prime Minister Lawrence Wong argued that Temasek suffered a batch much than conscionable fiscal losses owed to investing successful FTX.
Temasek, which is afloat owned by the Ministry of Finance but operates independently, was forced to constitute down its entire $275 cardinal FTX investment. The magnitude accounted for conscionable 0.09% of Temasek’s $403 cardinal portfolio arsenic of March 2022.
In April, Temasek besides participated successful a $10 cardinal bid A round for the United States-based impact-verification and quality steadfast BlueMark.
English (US) 