Temasek – Singapore Government-Owned Firm – Invests In R3 as Part of Its Plan to Focus on AI and Blockchain

Temasek Holdings recently invested in R3 – a global banking consortium and blockchain software company. Temasek is an investment firm owned by the government of Singapore. This was disclosed in a report by Bloomberg on the 22nd of November. According to the report, Temasek recently reported the worth of its portfolio (Asia-focused) to be close to $235 billion (S$308 billion) during spring this year.

Temasek Is Shifting Its Focus to AI and Blockchain Technology

Recently, Bloomberg cited an internal memo. The contents of the memo have also been confirmed by a spokesman of Temasek. The memo highlights the global investment strategy of the firm as of Oct. this year. According to the memo, Temasek is trying to respond to the shift in the current investment landscape by shifting its focus to the world’s leading technologies such as artificial intelligence and blockchain technology.

According to the report, the strategy of the firm includes the development of experimental pods. Pods that are set up to focus on investments in artificial intelligence and blockchain technology. The firm considers these two technologies as long-term trends that would have a significant impact on a lot of industries all over the world.

R3 raised a total of $107 million via Series A fundraising back in May. More than 40 institutions and firms invested in R3, and Temasek was one of the investors, according to the memo. The fund raised by R3 was recorded at that time as the largest DLT (Distributed Ledger Technology) investment. So far, no Series A fundraising round has broken that record.

In a private correspondence with Bloomberg, the spokesman of Temasek said that the firm is focused on staying well-positioned and sprightly to grab opportunities that offer long-term, sustainable values. The total amount invested in R3 by Temasek was not disclosed during the announcement.

Back in April, the firm reportedly invested in a $600M Series C fundraising for SenseTime – a China-based AI startup.

Other Blockchain and Digital Currency News in Singapore

According to a report by Cointelgraph on Nov. 22, Kakao Corp – an internet corporation in South Korea – just established a subsidiary in Singapore. The Subsidiary established by the firm is aimed at attracting foreign investors with digital currencies.

Also, the central bank of Singapore just announced that it’s expanding its regulatory administration. The expansion is to enable payment services providers to bring some digital currencies under the jurisdiction of the central bank. The new legislation will be fully implemented by the end of next year.

With the advancement in the tech-verse and the amazing potentials of AI and blockchain technology, more institutions are beginning to look in this direction. The blockchain industry has seen an influx of investments over the past months.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,528.85
-0.05%

The crypto market has not been impressive over the past months. Digital currencies have continued to fall all through this year. This month appears to be the worst, as it has seem most digital currencies testing new yearly low. Bitcoin (BTC) is also part of this trend as it has lost a great percentage of its value this month.

Bitcoin (BTC) is currently trading at $4,300 after losing more than 5 percent of its value over the past twenty-four hours. Its market cap has also dropped to $74.83 billion with a trading volume of $5.08 billion over the past twenty-four hours.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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