Facebook Backed Libra Association Adds Temasek as a New Member

The Libra Association, the group overseeing Facebook's (NASDAQ: FB) cryptocurrency initiative, has added Temasek, the Singapore investor with a $313 billion portfolio of investments, as its newest member. State-backed Temasek adds more legitimacy to a project that has lost high-profile backers and faced intense scrutiny from regulators. 

In a press release, the Libra Association said the addition of Temasek adds diversification given its focus on investments in Asia. " Temasek sees innovative technologies such as blockchain as transformative enablers of growth," wrote Libra in the announcement. Temasek's international deputy chief executive Chia Song Hwee told Bloomberg it is already working with regulators and companies to push new use cases for blockchain technologies. The executive said that by joining Libra, it will have a hand in creating a global network for retail payments that is regulated.

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Source Fool.com