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The Singaporean government agency Enterprise Singapore, together with other partners, has supported a new blockchain accelerator launched by a local venture capital firm, writes the local newspaper The Straits Times on Tuesday 4 December.
Trive Ventures launched the initiative, dubbed the Tribe Accelerator, to support advanced startups. According to the unnamed investor quoted by The Straits Times, the accelerator is designed for a period of six months and will focus on the mass adoption of blockchains, decentralized applications (DApps) and digital solutions back- end dealing with blockchain.
The Tribe Accelerator managers will initially select eight start-ups to participate and the launch of the program is scheduled for the first quarter of 2019.
In addition to Enterprise Singapore – incorporated in April 2018 to support the development of small and medium-sized companies in Singapore – Tribe Accelerator is supported by the PricewaterhouseCoopers (PwC) Venture Hub of the Icon Foundation, the South Korean blockchain network and Singapore.
Singapore is known for its large-scale support for crypto-related technologies. State investment company Temasek Holdings Pte. Ltd. has recently invested in blockchain enterprise software companies and in the global R3 banking consortium as part of a $ 107 million series A fundraising round-up in May.
In addition, Singapore Exchange Limited (SGX), together with the Singapore Monetary Authority, conducted a positive test on the use of blockchain forken asset regulation technology in collaboration with the US stock market Nasdaq.
Regarding cryptocurrencies, the Singapore central bank finalized its regulatory framework at the end of November to better safeguard consumer funds, counter terrorist financing and strengthen cyber security. According to the new rules, the bank is able to monitor cryptographic payment systems.
PwC, whose branch of the company supported the blockchain accelerator in Singapore, is also actively exploring blockchain solutions. In August, the "big four" audit giant announced the launch of its accelerator to train 1,000 blockchain employees for two years.
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