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Reports of US$10 million investment into crypto company Array is 'fake news': Temasek

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SINGAPORE: Singapore state investor Temasek on Tuesday (May 2) rejected recent reports it made a US$10 million (S$13 million) investment into algorithmic currency system Array. Temasek released a statement on its website, calling the claims 'fake news'. 'We have seen news articles and

SINGAPORE: Singapore state investor Temasek on Tuesday rejected recent reports it made a US$10 million investment into algorithmic currency system Array."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," said Singapore's state investor.

In a tweet on Monday that has since been taken down, Array thanked Temasek for the investment, adding it was"a huge milestone" for the company. Algorithmic currency system Array's tweet on Monday , which has since been taken down, announced the alleged US$10 million investment by Temasek. Several crypto news and financing websites, including Coin Telegraph and 247WallSt, also reported the announcement.

Array is developing an algorithmic currency system that is meant to be more stable than traditional cryptocurrencies., saying it was committed to remaining"prudent and exercise caution even as we explore opportunities that are aligned with our structural trends, to deliver sustainable returns over the long term for our overall portfolio".

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