Market Analysis Report (17 Nov 2022) PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Market Analysis Report (17 Nov 2022)

Temasek, a Singaporean state holding company owned by the Government of Singapore, has written off its entire investment in digital asset exchange FTX. The fund’s overall exposure to the exchange is negligible compared to its wider portfolio holdings. Prior to its investment in 2021, Temasek said that it conducted eight months of due diligence on FTX before eventually purchasing a 1% stake in FTX International. 

In a statement released on Thursday, which is one of Singapore’s two sovereign wealth funds, stated that they invested “US$210 million for a minority stake of ~1% in FTX International, and invested US$65 million for a minority stake of ~1.5% in FTX US, across 2 funding rounds from October 2021 to January 2022.” The investment in FTX comprised 0.09% of Temasek’s net portfolio valued at ~ S$403 billion as of 31 March 2022.

Despite the failure of its investment, Temasek has reiterated that this is not a failure of cryptocurrency or blockchain technology, but instead, a poor bet on Bankman-Fried. 

“It is apparent from this investment that perhaps our belief in the actions, judgment and leadership of Sam Bankman-Fried, formed from our interactions with him and views expressed in our discussions with others, would appear to have been misplaced,” Temasek said. “While this write down of our investment in FTX will not have significant impact on our overall performance, we treat any investment losses seriously, and there will be learnings for us from this.”

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