Omni-Chain Protocol Array Raises $10 Million from Temasek
Singaporean state-owned investment firm Temasek has invested $10 million in promising crypto startup Array. The second funding round brought the platform's valuation to $100 million.
Array is an omni-chain protocol that provides an infrastructure layer for blockchains, ensuring transactional compatibility across different networks. It focuses on building an algorithmic currency system and decentralized asset management applications.
In addition, Array has created its own distributed reserve token, ARA. It serves as a safe-haven asset in the DeFi economy and can also be used to top up venture fund balance.
ARA operates on a unique dual pricing system – the market price and the floor price. Its initial value is set at one dollar, while the minimum token value is based on the assets deposited by users into the underlying smart contract, accounting for 90% of the token's value. The remaining 10% will depend on the liquidity pool size. The tokens are backed by Array's treasury, which means the floor price will increase as savings grow.
Array has also developed the DEGA blockchain platform for smart contracts, enabling the creation of decentralized applications. The platform includes an Initial Alliance Offering (IAO) feature designed to attract users. To access this service, clients must create a unique social ID within the DEGA ecosystem. Additionally, Array aims to establish a decentralized on-chain bank ecosystem, ArrayVerse, built on top of the protocol.
At the core of the Array project is their own proprietary artificial intelligence algorithm, Array-Go, based on a smart contract of a limiting curve. It supports process stability and prevents counterparty risks. The AI algorithm operates automatically, without human intervention, and relies on market behavior. Array-Go can be compared to an investment manager.
The startup's founder goes by the pseudonym James. As stated on the Array website, he has extensive experience creating software products for various Web2 and Web3 companies. James has been passionate about Bitcoin since 2010. He believes that cryptocurrencies offer new financial opportunities through decentralization and transparency, so their mass adoption is just a matter of time.
“Array is grateful for this massive investment from a well-respected family, which is a strong indication of the potential and value that it brings to the table,” said the CEO of the project.
Temasek wrote off its stake in the bankrupt cryptocurrency exchange FTX. In 2021, the Singaporean investment giant invested $275 million in the exchange owned by Sam Bankman-Fried, with $210 million allocated to FTX International and $65 million to FTX US. These investments accounted for 0.09% of Temasek's entire portfolio, valued at $293 billion.
In 2022, Temasek Holdings led Animoca Brands' fundraising efforts, providing $100 million in convertible bonds.
In April 2023, the Singaporean investment company announced plans to allocate approximately $1 billion to its new private credit fund called SeaTown.
