Crypto funds are rushing in! The biggest winner of the MakerDAO debt auction announces joining the Libra Association.

In April, the stablecoin project Libra, which released its 2.0 whitepaper, took action again in May by recruiting a new CEO. This Thursday, it announced three new members in the areas of venture capital and investment: Temasek Holdings, venture capital firm Slow Ventures, and cryptocurrency investment firm Paradigm.

Prior to this, in April, after the release of the 2.0 whitepaper for Libra, Binance also published a research report on Libra 2.0. Binance believes that Libra has laid the foundation for the future digitization of currency systems, much like the efforts Elon Musk led with SpaceX in the space industry.

Dante Disparte, Vice Chairman of Libra, commented:

The addition of three new members to the Libra Association indicates our commitment to building a diverse organizational group that will be prepared for governance, technical roadmap, and the launch of the Libra payment system.

Temasek Holdings

Temasek Holdings, one of Singapore's sovereign wealth funds established in 1974, is wholly owned by the Singapore Ministry of Finance. The current CEO is Ho Ching, wife of Singapore's Prime Minister Lee Hsien Loong, and the total value of assets exceeds $300 billion.

In November last year, Temasek, JPMorgan, and the Monetary Authority of Singapore collaborated to develop a multi-currency payment blockchain platform. According to a report by Bloomberg, Temasek's holdings shrank by about $23.5 billion in the first quarter, and whether joining Libra is a wise move remains to be seen pending the outcome of Libra's interactions with regulators.

Slow Ventures

Slow Ventures, jokingly referred to as the Facebook alumni fund, was founded in 2009 by Facebook's early employee Dave Morin. Based in Boston, USA, the fund focuses on angel-stage investments and has previously supported startups such as Slack, Casper, Postmates, and Airtable.

Paradigm

Paradigm is a crypto fund founded in 2008 by Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang. According to Coindesk, Yale University, a prestigious US university, is one of the investors in the fund that raised $400 million.

In fact, Paradigm was also reported last month for its involvement in the MKR auction crisis. Out of 106 auctions, they won 72, with a success rate of over 68%, investing 3.6 million DAI. Prior to the auction, Paradigm already held approximately 5.5% of the total supply of MKR governance tokens, so their ownership percentage is expected to increase further.

For Libra, 2019 was a year filled with setbacks, angering governments and regulatory authorities and experiencing the shadow of heavyweight members leaving. Now, Libra seems to be well-prepared with a series of actions including releasing the 2.0 whitepaper, bringing in well-known investment institutions, and recruiting the current Chief Legal Officer of HSBC Holdings as CEO, seen as the right person to engage in dialogue with governments and regulators.