Abstract:Temasek had invested around $275 million in FTX, which it has decided to write off after the exchange's spectacular collapse.
Deputy Prime Minister Lawrence Wong of Singapore said on Wednesday that Temasek Holdings [RIC: TEM.UL] has begun an internal assessment of its stake in the now-defunct FTX crypto exchange.
Temasek had invested roughly $275 million in FTX, which it has chosen to write down after the exchange's stunning collapse.
Wong stated in parliament that the result was “disappointing” and had harmed Temasek's image.
“The fact that other renowned global institutional investors such as BlackRock and Sequoia Capital have also invested in FTX does not offset this,” he said.
Wong, who is also the finance minister, said that the loss does not imply that Temasek's governance mechanism is ineffective, and that “no amount of due diligence and monitoring can remove the risks entirely.”
Temasek said that the cost of investing in FTX was 0.09% of its net portfolio value of S$403 billion ($293.97 billion) as of March 31, 2022, and the company presently has no direct exposure to cryptocurrencies.
(1 Singapore dollar = 1.3709 Singapore dollars)
You can check out more FTX news here: https://www.wikifx.com/en/dealer/1257143466.html
Stay tuned for more of Forex Broker News.
Download the WikiFX App from the App Store or Google Play Store to stay updated on the latest news.
eToro strengthens its Australian market presence with the $80M AUD acquisition of Spaceship, expanding its long-term savings and superannuation offerings.
OANDA Japan Inc., a subsidiary of the global online broker OANDA Corporation, has announced the termination of its Tokyo Server MT4 Discretionary Plan. The broker has notified its clients that the plan will no longer be available after December 13, 2024, marking a shift in the company's services for clients using the MetaTrader 4 (MT4) platform in Japan.
Updated forex analysis shows USD weakness, focusing on key levels like EUR/USD, DXY bearish trend, and pivot points for major currency pairs.
TradingView and MetaTrader based on ease of use, customization, broker integration, and automation to find the best platform for your trading style.