Originally published on: November 01, 2024
Superscrypt, a cutting-edge venture capital firm focusing on blockchain technology and Web3, with strong backing from Temasek, Singapore’s state investment powerhouse, is gearing up to launch a new investment fund with a whopping $100 million target capital raise.
Reports from Bloomberg suggest that Superscrypt is teaming up with fintech company Republic to establish this fund, although the final details are still under consideration and subject to change.
Recent headlines have been dominated by Temasek’s involvement in the FTX collapse of 2022, where the firm faced a colossal loss of $275 million. Just a year prior in 2021, Temasek had made substantial investments in FTX, acquiring a stake in both FTX and its US counterpart.
Following the fallout from the FTX debacle, questions were raised about Temasek’s due diligence and risk assessment practices. Lawrence Wong, the former deputy prime minister of Singapore, acknowledged the damage to Temasek’s reputation caused by the FTX collapse.
In response to the losses, Temasek took decisive action by cutting the compensation of executives responsible for the ill-fated FTX investments. An internal investigation found no evidence of misconduct among team members, but the incident sparked a wave of criticism and a class action lawsuit against Temasek and other venture capital firms involved in the FTX investment.
Despite the setback, the loss represented only a fraction of Temasek’s vast portfolio, amounting to just 0.09% of its assets under management at the time.
The upcoming venture into blockchain investments showcases Temasek’s commitment to the technology and its potential for growth. Stay tuned for more updates on this exciting development in the world of blockchain investments.
