Singapore’s Temasek engages with FTX in liquidity crisis

Singapore’s condition-owned investment firm Temasek, a shareholder at FTX, is apparently engaging using the cryptocurrency exchange within the liquidity crisis that brought to the unpredicted (but still pending) bail on November 8.

In comments to Reuters, the sovereign wealth fund stated it had been “conscious of the developments between FTX and Binance, and therefore are engaging FTX within our capacity as shareholder,” staying away from supplying further information regarding the situation impacts on its portfolio.

Temasek committed to a number of FTX’s round findings that brought towards the exchange’s $32 billion valuation in The month of january. Ten several weeks later, the Singaporean firm is getting involved in rescuing the exchange. Temasek participated in FTX’s Series B, Series B extension, and Series C funding models, once the exchange elevated US$1 billion, US$420 million and US$400, correspondingly.

Some shareholders discovered the agreement, via Twitter on November. 8. In the letter to shareholders sent afterwards, Mike Bankman-Fried, also known as SBF, apologized to be “difficult to contact” previously days, acknowledged he’s no clue just what the agreement with Binance means, and finally, close the letter saying he’ll be “quite swamped” within the future, and can write again “after i have enough time too.”

FTX was supported by other big players within the investment capital scene, including Sequoia Capital, BlackRock, SoftBank, Ontario Teachers’ Type Of Pension, Paradigm, Circle, Ribbit Capital, Alan Howard, Tiger Global, and Multicoin Capital.

As reported by Cointelegraph, a few of the largest crypto information mill being advised to become transparent about risks they’re uncovered to following a liquidity crisis that fell over FTX and buying and selling firm Alameda Research.

Tether chief technology officer Paolo Ardoino clarified inside a tweet the stablecoin issuer doesn’t have contact with either from the distressed firms. Similarly, Circle Chief executive officer Jeremy Allaire also denied rumors from the firm getting contact with FTX and Alameda. John Lance armstrong, the Chief executive officer of crypto exchange Coinbase, also required this chance to assure its users the firm doesn’t have material contact with FTX or FTT.

Because the FTX and Alameda crisis unfolded, Binance Chief executive officer Changpeng Zhao guaranteed to implement a method to provide full transparency from the exchange’s reserves using a Proof-of-Reserve mechanism using Merkle Trees.

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