Temasek, Singapore's sovereign wealth fund, remains hesitant on direct crypto investments four years after losing $275M in the FTX collapse.
Regulation & Gov ·
Temasek, Singapore's sovereign wealth fund, continues to avoid direct cryptocurrency investments more than four years after writing down $275 million from its stake in the now-bankrupt FTX exchange. Nagi Hamiyeh, president of Temasek Global Investments, stated that crypto remains off the table for the firm, citing regulatory uncertainty in the sector as a primary concern.
The 2022 FTX loss drew significant criticism in Singapore, with local officials calling it damaging to the nation's reputation. Rather than pursuing direct crypto holdings, Temasek has redirected its focus toward blockchain infrastructure and technologies that support real-world economic applications, pending greater clarity on how regulation will shape the sector's future role.
The fund's pivot reflects both the reputational fallout from the FTX collapse and deeper questions about crypto's macroeconomic relevance. Hamiyeh acknowledged uncertainty about whether regulatory developments will eventually change the firm's stance, but no timeline or conditions for a potential shift in strategy have been outlined.