There are Reportedly Over 230 Blockchain or DLT focused Organizations Operating in Singapore
Several Singapore-based organizations currently teamed up to develop a map of what the city-state’s blockchain or DLT (distributed ledger technology) sector looks like, and how it has expanded considerably this year when compared to 2019. Numerous major DLT initiatives in the nation are supported by the Infocomm Media Development Authority (IMDA), a statutory board of the Singapore government, under the Ministry of Communications and Information (MCI).
The map involves numerous company logos that have been organized or grouped by particular Singapore-based business sectors. The categories involve various smart cities programs, corporate services, protocol, and infrastructure initiatives, among others. Prominently, decentralized finance (DeFi) has been added to the map this year.
There are 234 different entities (91 more than last year) depicted on the map for 2020. They span 26 business categories on the 2020 map. Last month, BCB (Building Cities Beyond) Blockchain introduced its BCB Innovation Grant. The Singapore-headquartered DLT (distributed ledger technology) developers are focused on helping several smart city solutions.
BCB Blockchain confirmed that it would be awarding $15 million in grant money to projects recently being developed utilizing the BCB protocol. The BCB team stated it’s preparing to expand its involvement in the development of Singapore’s blockchain ecosystem. Singapore crypto exchange TomoChain declared last month that it would be launching a P2P lending feature through the TomoDex platform.
Digital asset derivatives trading platform Delta Exchange launched interest rate swaps for cryptocurrency rates in June 2020. In an extension of improved blockchain adoption and development, other segments of Singapore’s Fintech industry have been expanding rapidly. Fintech firms in Singapore secured a record-high $462 million in equity funding, and $650 million in total during H1 2020. GREAT Eastern, the largest life insurance company in Singapore and Malaysia, unveiled in June 2020 that it plans to invest $70 million in Axiata Digital’s Fintech expansion plans.