AI algorithm-equipped stablecoin project Array raises 1.3 billion yen from Temasek

Temasek invests 1.3 billion yen

Temasek, a Singaporean sovereign wealth fund, has invested approximately 1.3 billion yen ($10 million) in the algorithmic stablecoin issuance protocol Array, it was revealed on May 1st.

New month
New history to be written in #Array

Special thanks to #Temasek for investing $10 million in Array, this is a huge milestone for us. We’d like to express gratitude to everyone who believed in our mission

Get More: https://t.co/sRoE3riNKF#Arrayfi #Crypto…

— Array (@Array_Protocol) May 1, 2023

Array is developing an algorithmic currency system that combines smart contracts and artificial intelligence, and is claimed to be “more stable, efficient and scalable” than traditional crypto assets (virtual currencies).

Array expressed its gratitude for receiving a significant investment from a world-renowned investment firm, emphasizing that “this investment shows that investors have faith in our vision and team.” .

This funding is the second for Array. The company said it could be valued at more than $100 million. The initial fundraising involved $10 million in equity financing.

Singaporean sovereign wealth fund Temasek is actively investing in the cryptocurrency industry. Its portfolio includes high-profile companies such as cryptocurrency firm Amber Group and Australia-based Immutable, which develops Ethereum (ETH) Layer 2 solution Immutable X. He also invested in FTX Trading Ltd., a company that operates the virtual currency exchange FTX, which filed for bankruptcy in the United States in November 2010.

connection:Invested 15.8 billion yen in Animoca Brands such as Temasek in Singapore

Array stablecoin

The stablecoin issued by Array will be managed by the artificial intelligence (AI) algorithm “ArrayGo” developed by Array, and will use Array’s digital asset “ARA Token” for price adjustments.

ArrayGo is an AI (artificial intelligence) that operates autonomously based on 100% market movements, learning from past market data, observing current market trends, and predicting future market trends. It is also designed to achieve stability and risk mitigation for stablecoins by implementing traditional bonding curves in smart contracts.

The main function of the bonding curve is to adjust supply and demand according to market trends. If the market trend rises, Array Go will add (issue) or reduce (burn) ARA to balance supply and demand.

While traditional bonding curve parameter adjustments are made by a specific person or organization, ArrayGo is not controlled by a person or organization, and achieves price stability and risk reduction in a more objective and transparent manner. expected to be

With such an approach, ArrayGo claims it can make decentralized finance more reliable and efficient.

Array L3 application-specific layer – 𝐳𝐤𝐒𝐲𝐧𝐜 𝐄𝐫𝐚 𝐢𝐬 𝐡𝐞𝐫𝐞!

To achieve stronger scalability, #Array will develop a customized application-specific Layer 3 & new #ZK features will be developed on #Layer 3 soon!#zkSyncEra #Array #layer #Airdrop pic.twitter.com/N5NM0bGJfD

— Array (@Array_Protocol) April 25, 2023

Array is an omni-chain protocol for application-oriented decentralized asset management, and customized applications can be created for specific uses and purposes. A stable coin called “USDR” has been issued as a payment currency for the DEGA (Decentralized Game Alliance) platform. Support for Ethereum (ETH) L2 scaling solution ZkSyncEra has started.

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