Singapore’s State Investor Temasek Engaging With FTX For Bailout
09 November 2022 - 2:21PM
NEWSBTC
There could be a surprising twist in the drama surrounding Sam
Bankman-Fried’s insolvent crypto exchange FTX. As reported by The
Straits Times, a possible government takeover by Singaporean state
investor Temasek could be on the table. The group is one of FTX’s
many investors. FTX’s other investors include BlackRock, Sequoia
Capital, Circle, Ontario Teachers’ Pension Plan, Paradigm, Tiger
Global, SoftBank, , Ribbit Capital, Alan Howard, Multicoin Capital
and VanEck. Meanwhile, 3rd largest investor in @FTX_Official for
@Temasek. HFSP! pic.twitter.com/sVjyOJZ99v — Phryics.eth (@Phryics)
November 9, 2022 According to the report, Temasek, in its role as a
shareholder of FTX contacted SBF after Binance announced its
bailout plans. The report goes on to say that a takeover by CZ
would mean such a power shift that “would make Binance reign
supreme in the crypto world”. Related Reading: Coin Metrics
Analyst: “FTX Might Have Provided Massive Bailout For Alameda In
Q2” For this reason, Temasek is in talks with FTX, according to a
spokesperson: We are aware of the developments between FTX and
Binance, and are engaging FTX in our capacity as a shareholder At
the same time, Temasek’s spokesperson clarified that no details
about the talks can be disclosed at the moment. “[G]iven the
ongoing discussions between both companies, it wouldn’t be
appropriate for us to comment beyond that”, the Straits Times
reports. Temasek invested in FTX’s Series B and Series C funding
rounds, which raised $900 million and $400 million, respectively.
However, FTX is not the only crypto exchange that Temasek has
invested in the past. Temasek, through Vertex Ventures, also
invested in Binance when the Singapore exchange launched
operations. Related Reading: Which Coins Will FTX And Alameda Dump
Next? Red Flag for Solana (SOL) Temasek is a Singapore government
holding company with approximately $484.4 billion in net assets
under management in 2021. The company is an investor that says it
is guided by four key structural trends in building its long-term
portfolio: Digitization, sustainable living, the future of
consumption and longer life expectancy. The anonymous trader
“degentrading” reacted to the news on Twitter, saying that in his
opinion a bailout of Tesamak is unlikely, as their current exposure
to Tesamak is only 1 billion. I doubt temasek would bail out FTX
given their current commitment has only been 1bn? Especially if the
hole is 6b. However if temasek does bail out FTX, I will send my
sons to Singapore for army. Plz — degentrading (@hodlKRYPTONITE)
November 9, 2022 Aside from the fact that Temasek is an FTX
investor, the nature of the discussions between Temasek and the
crypto exchange are unclear at press time.
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