SINGAPORE - Singapore’s state investor Temasek says it is engaging with FTX in its capacity as a shareholder in the wake of Binance’s plan to bail out the cryptocurrency exchange, which has sent jitters rippling through the industry.

Such a power shift would make Binance reign supreme in the crypto world, and observers told The Straits Times that this could add more uncertainty to the industry, following a spate of insolvencies that has shaken investor confidence and shrunk funding.