Temasek calls news of investment in Array fake

Singaporean government-owned investment firm Temasek has denied investing $10m in Array, the developer of the algorithmic currency system based on smart contracts and artificial intelligence. On May 2, Temasek declared in a statement that it has not invested in Array, nor does it have any relationship with the company. The statement followed Array’s announcement of a funding round that reportedly valued it at over $100m.

Array’s algorithmic currency system aims to provide a more stable, efficient, and scalable asset than traditional cryptocurrencies like Bitcoin. The system is expected to have a variety of use cases, including payments, remittances, and investments. Array’s smart contract platform, ArrayFi, enables decentralized applications built on top of its network and driven by its proprietary AI algorithm ArrayGo.

The company’s bonding curve mathematics aims to ensure that Array users are protected against “pump-and-dump” schemes. ArrayGo operates independently without any human or institutional control and is triggered solely by market actions. In order to ensure the value of the token remains stable and predictable for investors and traders indefinitely, a traditional bonding curve is implemented manually. The bonding curve is implemented into a smart contract that governs the issuance and trading of the native token Ara (ARA).

Temasek’s denial came after Array announced the funding on May 1, claiming that the raise was its second funding round. Array and Temasek didn’t reply to Cointelegraph’s request to comment on the initial reports on May 1.