Singapore is certainly no stranger to fintech startups—according to PwC’s 2017 Global Fintech Report, fintech solutions are expected to flourish in the Lion City as businesses move away from low-value, high-volume transactions to transactions that cater to more complex demands in today’s world. And to support these digital transactions, the city-state boasts a sophisticated communications network that places it amongst the most advanced connected countries.
Couple this with its standing as an important financial hub in Southeast Asia and Asia at large, and it’s not hard to see why Singapore is now home to some of the world’s leading blockchain and bitcoin startups. Here are 11 blockchain and bitcoin startups from Singapore you need to know about in 2018.
Change may be one of the newest kids on the block, but it has managed to raise over US$15 million to fund its Initial Coin Offering (ICO) campaign. The company aspires to become the “Paypal of cryptocurrency” through its wallet and marketplace platforms.
TenX wants to make multiple cryptocurrencies, including bitcoin, available for spending anytime, anywhere. Its TenX Mobile Wallet can be connected Visa credit cards so users can conveniently pay for items in the seller’s currency using their digital currency account.
You may have heard about CoinHako’s recent brush with regulatory red tape in Singapore, leading to a closure of its corporate bank account with DBS. That aside, it seems that the company is still up and running. What started out as a bitcoin platform for Singaporeans to buy, sell, and secure their bitcoins has since expanded into Malaysia, with the company setting its sights on the greater Asia market.
Digix Global was one of the early adopters in using cryptocurrencies in Singapore. What’s unique about the platform is that it allows users to trade gold through the use of cryptocurrencies. The company uses the Ethereum cryptocurrency to power its business and offering.
Bitcoin Exchange made the headlines a while back with its launch of the first public bitcoin vending machine in Singapore. Today, Bitcoin Exchange has two vending machines: one in Chinatown, the other in Tiong Bahuru.
DeBuNe—short for DEcentralized BUsiness NEtwork—aims to be a decentralized peer-to-peer ecosystem for small and skilled businesses—or Business Units. The platform will allow small companies and freelancers to collaborate, sell, offer, and monetize their expertise or products. The company was 1 of 3 digital currency startups selected in the first batch of Startupbootcamp (SBC), Fintech Singapore’s accelerator programme.
Since Singapore’s market is limited, many local startups venture beyond local borders into Southeast/Greater Asia. Toast has done just this—its blockchain-powered remittance service targets migrant Filipino workers in Singapore and Hong Kong looking to send money home, sans the exorbitant charges associated with traditional bank remittances. The beauty of it? Users don’t even need to know what the terms “digital currency” or “cryptocurrency” are to use the service.
CoinGecko provides quantitative and qualitative rankings of cryptocurrencies currently on the market. Its proprietary algorithm provides a benchmark for users to compare the value of a digital currency to its counterparts.
Luno, formerly known as BitX, offers a wallet service for users to store their bitcoins securely. The solution also features exchanges for bitcoin trading, merchant integrations for using bitcoins in transactions with Luno’s merchant/retail partners, and an API for building custom applications.
Coinut is one of the first few exchange platforms for bitcoin-based options. Users can trade cryptocurrencies, futures, European vanilla options, or cash-or-nothing binary options.
CoinPip leverages the bitcoin blockchain to facilitate global money transfers. Unlike Toast, the company is mainly targeting freelancers and remote workers. The solution provides users with a faster and easier way to get paid for work done.
2018 is shaping up to be another monumental year for the digital/cryptocurrency space—be sure to keep these 11 Singaporean bitcoin and blockchain innovators on your radar in the coming months and years.