Singapore Supports Blockchain Startups
While there are various Asian countries that do not seem receptive to cryptocurrency – such as Asia and India – Singapore continues to buck that trend as it aims to be a rising technology hub in the region. The government is backing a new blockchain accelerator in partnership with venture capital firm Trive Ventures. The government is backing the accelerator specifically through Enterprise Singapore, which aims to galvanize the startup climate in the country.
The accelerator will specifically be geared towards startups in a later stage, and focus on issues regarding product development, mass adoption, decentralized applications (dApps) and other aspects. The accelerator program will last six months, as well. The program, set to launch next year, will initially start with eight startups.
The startups will have access to a mentor network, as well as technical support and potential investors and partners, as well. The accelerator will actually take the startups out on the road for a “global demo tour” that includes influential markets such as Japan, South Korea, and other countries, in order to market test and showcase their products.
The Tribe Accelerator also has some other influential backers, as well. This includes Big Four auditor PricewaterhouseCoopers, an extremely influential global network firm that provides services to over 400 companies in the Fortune 500. It is also one of the largest privately-owned companies in the United States. South Korea’s ICON project also is backing the accelerator.
Yi Ming Ng, a partner of Trive Ventures, offered this statement:
Blockchain technology is fundamentally changing the way things work globally, with companies from numerous industries having already adopted blockchain technology and many more expected to be in the coming years. With the support of Enterprise Singapore, we want startups incubated under Tribe Accelerator to become success stories at the front of Singapore’s changing business landscape.”