SINGAPORE - Singapore’s investment company, Temasek, on Tuesday refuted a claim that it has made an investment worth US$10 million in algorithmic currency system Array.
On its website, Temasek said: “We have seen news articles and a tweet from Array about Temasek’s investment in it. This news is incorrect. Temasek has not invested in Array and we have no relationship with them.” The alleged investment by Temasek was first reported on Monday by several news outlets, including Yahoo News, crypto news website Coin Telegraph and Taiwan News.
According to Yahoo News, Temasek’s alleged injection of the money raises Array’s total valuation to around US$100 million, making it “one of the most valuable algorithmic currency systems in the market”. Array’s algorithmic currency, dubbed a stablecoin so named as a digital currency tied to an asset like the US dollar, is one of Array’s offerings with the company also boasting a smart contract platform, ArrayFi, and ArrayGo, a self-driven artificial algorithm.