As a technologically advanced city, it’s no surprise that many crypto and blockchain startups and popping up in Singapore. Since 2014, the Smart Nation initiative has indeed pushed Singapore to embrace new technology and move with changing trends. With that in view, it’s no coincidence that many crypto and blockchain startups are pretty well-funded.
Here are some of the top crypto startups in Singapore you should keep your eyes on:
This peer-to-peer application was created with Southeast Asian migrant workers in mind. Due to regulations and third parties, cross border monetary transactions takes time and can also be costly. Toast hopes to lighten the burden of migrant workers in the region through its peer-to-peer monetary transfer application so money can be transferred more quickly and more cheaply. On average, money transfers with the Toast app takes only about 2 minutes! Making transfers in an app also means users don’t need to queue up which saves even more time.
Toast definitely addresses the bread and butter concerns of migrant workers. The convenient application provides a smart solution and the company has raised S$1.2 million in a seed funding round in 2015 as it tries to expand into the growing Asian market.
TenX is a cryptocurrency payment platform that hopes to help people use cryptocurrency more easily in “the real world”. Some of the products TenX offers includes a crypto wallet, a physical debit card, bank account, and even ATM access.
The TenX platform supports blockchain assets across various blockchains. Bitcoin, Ethereum, and DASH are some of the cryptocurrencies you can use with TenX and the company hopes to add more cryptocurrencies to this list. Moreover, TenX also has its own token, PAY tokens. Investors are upbeat about the PAY tokens because token holders receive a ETH. 0.5% reward for each transaction. Token holders also get to receive 0.1% PAY cash back rewards.
The company has successfully raised US$21 million in token sale.
The gaming industry may be thriving but payment systems are a hassle and Cloud Moolah understands this. Cloud Moolah hopes to provide a platform where game developers can collect in-app revenue from gamers. As Southeast Asia has a low credit card penetration percentage (less than 3%), game developers need to go through the hassle of integrating various payment SDKs. However, if game developers use Cloud Moolah SDK intgration, they can access more than 100 million gamers in Southeast Asia in less than 10 minutes.
In 2016, Cloud Moolah has raised $5 million from Aetius and got itself a deal with Unity to develop an online payment system.
If you’ve been following this page, you might have read about Coin Hako. In a nutshell, this platform lets users buy and sell cryptocurrencies (Bitcoin and Ethereum) easily in Asia. By signing up, you’ll get your Coin Hako wallet and you can deposit money into CoinHaki at no cost. CoinHako wallets are secure and held in an offline cold storage, while retaining easy access for users.
Electricity bills can cost quite a lot, especially for corporations. To help businesses keep the lights on at a lower cost, Electrify SG offers a blockchain solution to this problem. Electrify SG users be informed about retail electricity offers, make better buying decisions, and buy electricity from energy retailers or other consumers through the blockchain. With “smart contracts”, clients can skip legal, accounting, and financial settlement fees which cuts down on spending. In fact, according to the company, Electrify SG has helped companies in Singapore save more than US$554,000.
In its token sale, the company has raised US$30 million in less than 10 days – an incredible feat!
Singapore has always placed an emphasis in fintech and naturally, the development of crypto/ blockchain startups here will continue to grow. In fact, an article in Today claimed that Singapore is a hotbed for cryptocurrency startups. Startups like Electrify SG and TenX have developed to address needs present in society. As technology advances and improves, cryptocurrency has a strong potential to be more than just a form of investment. It could become part of the mainstream in the financial world and might even be the solution to pressing problems.
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