Singapore state investment firm Temasek has denied investing $10 million in Array, a developer of an algorithmic currency system based on smart contracts and artificial intelligence.
On May 2, Temasek issued a statement announcing that the company did not invest in Array. The company also stressed that Temasek has no relationship with Array. The statement came shortly after Array announced the funding round on May 1, which it claimed was its secon d round of funding. The funding reportedly values Array at more than $100 million.
Neither Array nor Temasek responded to Cointelegraph's May 1 request for comment on the initial report. Array's new algorithmic currency system aims to provide a more "stable, efficient and scalable" asset than traditional cryptocurrencies such as Bitcoin. The system is expected ed to have multiple use cases, including payments, remittances, and investments. Array's smart contract platform, ArrayFi, is designed to support decentralized applications built on top of its network and powered by its proprietary artificial intelligence algorithm, ArrayGo. The company stated that base d on the bonding curve smart contract, ArrayGo operates independently without any human or institutional control, and is only triggered by market behavior.
The Array Team Noted in A Medium Blog Post: "To Ensure that the Token's Value Remains Stable and Predictable for Investors and TradeFinitly, TRADITIONAL B. ONDING CURES Are Implementd Manually. issuance and transaction of the native token Ara (ARA). According to Array's first Twitter Space in February, the company's bonding curve math is designed to ensure that Array users are protected from "pump and dump" schemes.
Temasek denied exposure to new crypto projects shortly after facing major problems with such investments. In November 2022, the Singapore government publicly admitted that Temasek had suffered damage from its investment in the collapsed cryptocurrency exchange F TX. Singapore's deputy prime minister, Lawrence Wong, argued that Temasek suffered more than financial losses from investing in FTX.
Temasek, which is wholly owned by the Treasury but operates independently, was forced to write down its entire $275 million investment in FTX. That amount represents just 0.09% of Temasek's $403 billion portfolio as of March 2022. In April, T emasek also participated in a US$10 million Series A round for US influence verification and intelligence firm BlueMark.
