Singapore’s state-owned investment firm Temasek is a shareholder in embattled cryptocurrency exchange FTX, which faces a possible takeover by bigger rival Binance, according to a report by Singapore’s Straits Times on Wednesday. FTX’s CEO Sam Bankman-Fried has reportedly apologized for not giving investors a timely update on the pending acquisition.
See related article: Binance becomes white knight for fallen FTX: How did we get here?
Fast facts
- Temasek said it is aware of developments between FTX and Binance, but “given the ongoing discussions between both companies, it wouldn’t be appropriate for us to comment beyond that,” according to The Straits Times.
- Temasek invested in FTX in the Series B, Series B extension and Series C funding round. FTX raised US$1 billion, US$420 million and US$400 million in the three rounds.
- Bankman-Fried apologized for the lack of communication with shareholders in a letter to investors on Tuesday, saying that details of the takeover have not been finalized, according to a report from The Block on Wednesday.
- FTX’s other investors include BlackRock, Ontario Teachers’ Pension Plan, Sequoia, Paradigm, Tiger Global, SoftBank, Circle, Ribbit Capital, Alan Howard, Multicoin Capital, and VanEck.
See related article: Binance’s pending acquisition, rescue of FTX may attract attention of antitrust regulators