Early-stage venture capital firm Trive has announced an accelerator program for blockchain start-ups in Singapore.
Trive (previously known as “TRi5 Ventures”), an early stage Venture Capital firm based in Singapore, has unveiled a blockchain accelerator.
The program, which is backed by a government agency, aims to provide support to later-stage start-ups.
The six-month program will focus on firms that are developing decentralized applications or solutions that leverage blockchains with the goal of encouraging mass adoption of the technology.
Program Kick-Off
The program is expected to start from the first quarter of 2019, and the firm will pick up eight start-ups for the first phase.
Government body Enterprise Singapore, PricewaterhouseCoopers (PwC), Singapore’s Venture Hub, and South Korean blockchain network Icon Foundation have partnered with Trive for this initiative.
Trive usually invests in technology start-ups from the seed to series A rounds of funding. The firm is supporting 40+ start-ups in various domains including Deep Technologies, Blockchain, Artificial Intelligence, Data Science, Marketplaces, and FinTech.
The VC firm had earlier worked with the Singapore government as an accredited mentor to early-stage start-up firms. Previously in May, Trive had announced a partnership with Korean blockchain platform ICON to empower the regional start-up and blockchain community.
Jonathan Lim, director of the start-up and global innovation alliance at Enterprise Singapore, said:
By working with Tribe Accelerator, we hope to create more innovative and disruptive blockchain start-ups to capture growth opportunities locally and overseas.
The Growing Blockchain Ecosystem in Singapore
The southeast Asian city-state is fast emerging as a blockchain hub in the region. The city is now home to many prominent blockchain projects and cryptocurrency exchanges.
The Monetary Authority of Singapore (MAS) has released updated regulation for ICOs. The laws cover utility as well as security token sales.
Live Bitcoin News had last month reported about government-owned Temasek and the Singapore Stock Exchange backing ICHX Tech, a blockchain infrastructure company.
ICHX intends to use the funds to launch iSTOX, a capital markets platform that aims to become the first regulated platform in Asia to offer issuance and trading of security tokens.
With the new incubation program specifically for blockchain start-ups, the industry’s ecosystem in Singapore will get a definite boost. The launch will be a boon for the blockchain start-up ecosystem in the city.
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