Singapore’s Temasek says doesn’t own Bitcoin, but prepping for tokenized assets & More News Here

Singapore’s Temasek Holdings, one of many world’s high 10 sovereign wealth funds, stated it doesn’t at the moment own Bitcoin, but it’s energetic in blockchain investments and taking a look at rising alternatives within the trade.

Temasek doesn’t touch upon direct investing actions but as of “today, Temasek does not own Bitcoin,” stated Pradyumna Agrawal, the fund’s managing director for blockchain funding, in an interview with Forkast’s Editor-in-Chief Angie Lau.

“But that is not a statement on whether we like Bitcoin or whether we want to own Bitcoin or not,” Agrawal stated within the May 13 interview in Singapore. “That is just a factual statement of fact.”

His feedback observe media experiences final 12 months that stated Temasek, which manages a portfolio price about S$381 billion (US$274 billion) for the city-state, was shopping for Bitcoin.

The experiences on the time have been “misinformation which we have chosen not to comment on,” Agrawal stated. 

However, elsewhere Temasek is letting its pockets do the speaking within the trade, and is “very focused on backing the best projects,” Agrawal stated. 

In February, it led a US$200 million funding spherical in cryptocurrency agency Amber Group. Also, Australian non-fungible tokens (NFTs) startup Immutable in March raised $200 million in a Series C funding led by Temasek.

Temasek has a versatile mandate towards blockchain corporations that want elevating cash by tokenization, Agrawal stated. 

“We can gain exposure or seek to gain exposure to areas which we think are of interest to us and will deliver appropriate risk-adjusted returns,” he stated.

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“It’s within our mandate to be able to own tokens,” Agrawal added. But if Temasek needs to have the ability to immediately maintain and act on tokens, “you need a completely different set of infrastructure.”

angie
Agrawal (proper) sat down with Forkast’s Editor-in-Chief Angie Lau for an upcoming episode of Word on the Block.

Another means of claiming Temasek is on the brink of deal with tokenized assets? 

“I would say it will need some time to ensure that it meets our operating risk requirements and that we can do it at scale,” he stated.

In Singapore, it’s not simply Temasek that sees alternatives in blockchain expertise. 

GIC, one other main Singaporean sovereign wealth fund, on Thursday led a $170 million Series F financing spherical in New York-based blockchain knowledge evaluation agency Chainalysis. 

GIC has additionally invested in crypto alternate Coinbase and Hong Kong’s digital asset firm BC Group.

See associated article: Singapore needs to convey some grownup supervision to crypto

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