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Trial Ventures Blockchain Accelerator supported by Enterprise Singapore
5 December 2018 of Akshay Makadiya
Trive Ventures, a Singapore-based venture capital firm, has launched a blockchain accelerator called the "Tribe Accelerator", supported by an arm of the Singapore Ministry of Commerce. Can the development initiative help the city-state further carve out its position on the global blockchain hub map?
Read also: Indian State launches Blockchain-based IP market in Bengaluru
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Accelerator to enhance the blockchain prospects of the city-state
The inaugural Tribe Accelerator program will support eight start-ups, with the incubation phase scheduled for the first quarter of 2019 and destined to last six months.
As such, Tribe Accelerator will help the participating startups to create blockchain applications and is oriented towards helping the adoption of mainstream blockchains.
The accelerator is supported by Enterprise Singapore, the city-state resident agency for the management of local startups.
"We hope to create more innovative and disruptive blockchain start-ups to seize growth opportunities locally and internationally," said Jonathan Lim, Director of Enterprise Singapore.
Tribe's first startup group will have access to a technical support team, expert advice on corporate operations governance and global exposure from Trive Ventures and its partners.
Singapore is looking forward
Many Singapore government agencies have recently been affiliated with efforts to increase the domestic blockchain economy.
Last month, the Infocomm Media Development Authority, a section of the Ministry of Communications and City-State Information, announced initial funding for the development of platforms to connect Singapore blockchain games with resources and services, both at local level that global.
Also in November Temasek Holdings invested in the R3 startup blockchain. Temasek is a government investment company in the city-state.
In October 2018, the venture Venture of Temasek Holdings, Vertex Ventures, declared its investment in the world's largest cryptocurrency exchange, Binance. The investment was aimed at developing a singaporean fiat-to-crypt exchange.
As a result, the island-city island has slowly but surely positioned itself to become a hotbed for blockchain startups and, in the process, has prompted international venture companies to open offices in the local.
For example, last month Blockchain Valley Ventures, based in Switzerland, is an acceleration and venture venture company that provides advice and funds blockchain-centric businesses, has opened a branch in Singapore.
"Similar to Switzerland, we believe Singapore is the ideal place to establish operations with the idea of engaging a rapidly growing blockchain community in the ASEAN region and in Asia" The founder of Blockchain Valley Ventures Dr. Ing Zetlmayer He said at the time.
Should other countries follow Singapore's example of promoting the blockchain and cryptographic ecosystem? Can Trive Ventures make a tangible difference in the city-state? Share your opinions in the comments section.
Images via Pixabay
