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Temasek Backs Efforts to Commercialize Blockchain Projects

Russia's Largest Bitcoin Mine Turns Water Into Cash
Photographer: Andrey Rudakov/Bloomberg

Singapore’s Temasek Holdings Pte said it will support efforts to find commercial applications for a project that explored the use of blockchain in the financial industry.

The fifth and final phase of Project Ubin, a central bank initiative that began in 2016, has been completed, Temasek and the Monetary Authority of Singapore said in a joint statement on Monday. The last phase developed a prototype for a blockchain-based payments network and tested connectivity with other applications.