Singapore Accelerator Raises $16 Million to Fund Blockchain Startups

A government accelerator in Singapore has just brought in around 21.5 million Singapore dollars to help fund blockchain startups specifically. This converts to around $16 million USD, reports The Block.

The accelerator is called Tribe, and the Enterprise Singapore division of the government is backing it. This money here is for nine startups spread out around the world, and looking to build blockchain technology that solves “real-world problems.”

Of the nine startups, here are their names:

• Affle
• AID:Tech
• Aqilliz
• Bluzelle
• Dimuto
• Eximchain
• Pilab
• Torus
• WhiteCoat

These startups work in a variety of industries from supply chain to cybersecurity, and much more.

As you may know, Singapore is seen as a fantastic space to go for any companies looking to get into blockchain. For years now, the country has served as a safe haven for blockchain startups, with other places like the island of Malta performing similarly.

Ng Yi Ming, a managing partner over at Tribe, stated that “One of our goals is to drive the adoption of blockchain at a national level as countries like Singapore pursue their Smart Nation ambition. Mighty Jaxx, one of our participating companies from Batch I is already supporting OpenCerts, a government initiative in Singapore, that enables the issue and validation of tamper-resistant digital certificates.”

We’ll have to see how this affects mainstream adoption in the space.