Temasek Rethinks Cryptocurrency Investment After FTX Burn

  • Temasek, Singapore’s state fund, is currently not considering investments in the cryptocurrency sector due to regulatory uncertainties.
  • Rohit Sipahimalani, the investment manager of Temasek, stated that they might consider investing in the sector if a proper regulatory system is established.
  • Temasek had previously invested in FTX, but after the exchange’s bankruptcy, the company wrote off its investment as a loss.

Temasek’s Stance on Cryptocurrency Investments

Temasek, the state fund of Singapore, has currently put a halt on its investments in the cryptocurrency sector. The company’s decision is largely influenced by the uncertainties surrounding the regulatory environment of the sector. Rohit Sipahimalani, the investment manager of Temasek, expressed this sentiment during an interview with CNBC.

Regulatory Uncertainties Hindering Investment

Sipahimalani explained that the current state of regulatory ambiguity in the cryptocurrency sector makes it difficult for them to consider investments. He stated that if a proper regulatory system is established, providing a sense of security, they might consider investing in the sector. However, at present, they do not see this secure environment, making it impossible for them to invest in the sector.

Previous Investment in FTX

Temasek had previously made an investment in FTX, a cryptocurrency exchange. However, they never considered investing in cryptocurrencies themselves. The investment in FTX was intended to yield returns from transaction fees, but the exchange’s bankruptcy led to a loss for Temasek. The company wrote off its investment in FTX, marking it as a loss.

Following this incident, Lawrence Wong, the Deputy Prime Minister and Finance Minister of Singapore, stated that these losses have also damaged Singapore’s reputation. Temasek also made salary cuts to the employees and managers responsible for this investment.

Temasek was one of the two largest investors in FTX outside the US, along with Binance. The company also has investments in Animoca Brands, a company known for its metaverse projects.

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Marisol Navarohttps://en.coinotag.com/
Marisol Navaro is a young 21-year-old writer who is passionate about following in Satoshi's footsteps in the cryptocurrency industry. With a drive to learn and understand the latest trends and developments, Marisol provides fresh insights and perspectives on the world of cryptocurrency.
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