Trive Ventures’ Blockchain Accelerator Backed by Enterprise Singapore
December 5, 2018 by Akshay Makadiya
Singaporean venture capital firm Trive Ventures has launched a blockchain accelerator dubbed the Tribe Accelerator that’s being backed by an arm of Singapore’s Ministry of Trade. Can the development initiative help the city-state further carve out its place on the map of global blockchain hubs?
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Accelerator to Boost City-State’s Blockchain Prospects
The Tribe Accelerator inaugural program will support eight startups, with the incubation phase slated to commence in the first quarter of 2019 and set to last six months.
As such, the Tribe Accelerator will help participating startups build blockchain applications and is geared toward helping foster mainstream blockchain adoption.
The accelerator is being backed by Enterprise Singapore, the city-state’s resident agency for managing local startups.
“We hope to create more innovative and disruptive blockchain startups to capture growth opportunities locally and overseas,” Jonathan Lim, an Enterprise Singapore director, commented to the press.
Tribe’s initial batch of startups will gain access to a technical support team, expert advice on business operations governance, and global exposure from Trive Ventures and its partners.
Singapore Is Looking Ahead
Multiple agencies of the government of Singapore have recently been affiliated with efforts to boost the domestic blockchain economy.
Last month, Infocomm Media Development Authority, an arm of the city-state’s Ministry of Communications and Information, announced seed funding for the development of platforms for connecting Singaporean blockchain plays with resources and services, both locally and globally.
Also in November came Temasek Holdings’ investment into blockchain startup R3. Temasek is a government investment firm in the city-state.
In October 2018, Temasek Holdings’ own venture arm Vertex Ventures declared its investment into the world’s largest cryptocurrency exchange, Binance. The investment was aimed at the development of a Singaporean fiat-to-crypto exchange.
Accordingly, the island city-state has slowly but surely positioned itself to become a hotbed for blockchain startups, and, in the process, has prompted international venture firms to open offices in the locale.
For example, last month the Swiss-based Blockchain Valley Ventures, an accelerator and venture firm that advises and finances blockchain-centric businesses, opened a branch office in Singapore.
“Similar to Switzerland, we believe Singapore is the ideal location to establish operations with the view of engaging fast-growing blockchain community in the ASEAN region and Asia,” Blockchain Valley Ventures founder Dr. Ing Zetlmayer said at the time.
Should other nations follow the lead of Singapore in fostering blockchain and the crypto ecosystem? Can Trive Ventures make a tangible difference in the city-state? Share your views in the comments section.
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