Temasek, a sovereign wealth fund owned by the Singapore government, is reportedly not interested in pouring money into the digital asset industry.
CNBC reports that the investment firm with a net portfolio valued at $496 billion is currently shunning crypto companies as the emerging industry faces regulatory uncertainties.
Say Temasek chief investment officer Rohit Sipahimalani,
“There is a lot of regulatory uncertainty in this environment. And I think it’s going to be very difficult for us to make another investment and trade in the midst of all this regulatory uncertainty.
Temasek previously invested $275 million in FTX, but wrote off the entire stake following the collapse of the now-bankrupt crypto company.
While Ripple, Coinbase and Binance are being sued by the US Securities and Exchange Commission (SEC), Sipahimalani says Temasek finds investing in crypto exchanges unattractive at the moment.
“If you have the right regulatory framework, and we’re comfortable with it, and you have the right investment opportunity, there’s no reason for us not to look at it. But as I said, right now we wouldn’t feel comfortable investing in stock exchanges given the current state of affairs.”
He says the company is also not interested in cryptocurrencies.
“We have never been looking to invest in cryptocurrencies. Even the investment in FTX we are talking about investing in an exchange which allowed us to get fee based income without a second thought [of] balance sheet risk or trading risks.”
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