Singapore-based early-stage venture capital firm Trive has introduced an accelerator program for Singaporean blockchain startups.
Backed by a government agency, the six-month program seeks to offer support to later-stage startups. It will focus on companies that are developing blockchain-enabled solutions or decentralized applications, with an aim of promoting the technology’s mainstream adoption.
Icon Foundation, PricewaterhouseCoopers (PwC), and Enterprise Singapore have collaborated with Trive for the initiative. The program is expected to kick off in Q1 next year. For the first phase, the firm will pick up eight startups.
Trive often invests in tech startups from seed to series A funding rounds. It supports more than 40 startups in different domains including FinTech, data science, artificial intelligence, the blockchain, deep technologies, and marketplaces.
The VC firm had also worked with the Singaporean government as an accredited early-stage startups mentor. In May, Trive revealed its cooperation with Korean blockchain platform ICON to empower the blockchain community and regional startup.
“By working with Tribe Accelerator, we hope to create more innovative and disruptive blockchain start-ups to capture growth opportunities locally and overseas,” Enterprise Singapore Startup & Global Innovation Alliance Director Jonathan Lim said.
Singapore is rapidly emerging as a blockchain hub in the Southeast Asian region. The city-state is now home to several prominent crypto exchanges and blockchain projects.
The Monetary Authority of Singapore (MAS) has published the latest ICO regulation. The laws cover security and utility token sales.
Last month, blockchain infrastructure firm ICHX Tech announced investments from Heliconia Capital Management and the Singapore Stock Exchange.
ICHX plans to utilize the funds to launch capital markets platform iSTOX, which seeks to become the first regulated platform in Asia to provide security tokens issuance and trading.
With the new incubation program, the Singaporean blockchain startup ecosystem will get a definite boost.