Published on Cryptodaily, by Adrian Barkley, on Dec 5, 2018
A new blockchain accelerator that has been launched by a local venture capital firm in Singapore is now supported by one of the countries government bodies, Enterprise Singapore.
Trive Ventures has launched the initiative, dubbed Tribe Accelerator in order to support later-stage startups. The accelerator has been designed for a six month period according to an unnamed investor cited by the local newspaper in the country, The Straits Times. The accelerator will also look into the mass adoption of the blockchain, decentralised applications (dApps) and back-end digital solutions which work with blockchain.
The managers for Tribe Accelerator will start to pick up eight start-ups to participate. The program is set to be launched sometime in the first quarter of next year.
Aside from the government body formed in April this year in order to support small and medium Singapore enterprise development, Enterprise Singapore, Tribe Accelerator is allegedly backed by the PricewaterhouseCoopers (PwC) Venture Hub in the country and South Korean blockchain network Icon Foundation.
The country is known for its support of cryptocurrencies on a big scale. The state investment company Temasek Holding Pte has recently invested in enterprise blockchain software business and the worldwide banking organisation R3 as part of a collective $107 million Series A fundraising event in summer last year.
As reported by CoinTelegraph:
“Singapore’s Exchange Limited (SGX), along with the Monetary Authority of Singapore, has conducted a successful test of the use of blockchain technology for tokenized assets settlement in partnership with U.S. stock market Nasdaq.”
In other cryptocurrency related news, the central bank in Singapore has finished up its regulatory framework late last month to improve the safeguarding of consumer funds and the improve cybersecurity. Under new rules, the bank is able to look into the crypto payment systems.
The venture branch at PwC has also backed the blockchain accelerator in Singapore but is also looking at different blockchain solutions. In August, it was announced that the ‘big four’ audit massive was preparing the launch its own accelerator which is set to train over a thousand staff in blockchain in just two years.