Temasek refutes claim of US$10m investment into crypto company Array

SINGAPORE’S investment company, Temasek Holdings, on Tuesday (May 2) refuted a claim that it has made an investment worth US$10 million in algorithmic currency system Array.

On its website, Temasek Holdings said: “We have seen news articles and a tweet from Array about Temasek’s investment in it. This news is incorrect. Temasek has not invested in Array and we have no relationship with them.”

According to Array’s press release published on Yahoo News, an injection of funds by an entity called “Temasek Family” raises Array’s total valuation to around US$100 million, making it “one of the most valuable algorithmic currency systems in the market”. A Google search of the name “Temasek Family” does not yield any result.

Yahoo on Tuesday said it has removed the release from its platform after being approached by Temasek Holdings.

Array’s algorithmic currency is one of Array’s offerings with the company also boasting a smart contract platform, ArrayFi, and ArrayGo, a self-driven artificial algorithm.

Checks by The Straits Times on Array’s website and its social media platforms show the company’s online presence extending as far back as October 2022, when its Twitter account was created.

News articles posted on the website’s information page date back to Jan 13 in 2023.

ST has contacted Array for comment. THE STRAITS TIMES