The cryptocurrency business is infamous for its volatility and unpredictability. Its unforgiving nature has led to a number of Singaporean cryptocurrency startups closing their doors in only a few years since their inception.
Nevertheless, not all have bitten the mud. We delve into 4 cryptocurrency startups in Singapore that not solely stand sturdy, however proceed to thrive within the world enviornment amidst the ever-changing and unpredictable crypto panorama.
Born out of peer-reviewed tutorial analysis performed on the Nationwide College of Singapore, Zilliqa was based in 2017 by a workforce of teachers, entrepreneurs, and engineers.
In 2018, Zilliqa concluded its preliminary coin providing (ICO) and successfully raised US$22 million in ETH.
Following the ICO in 2018, the Zilliqa ecosystem and group has grown considerably, processing nearly 12 million transactions since its launch in 2019. Zilliqa now has a flourishing group of over 150,000 fans, greater than 780,000 wallets, and an increasing community of over 1,000 builders.
As one of the vital distinguished names inside Singapore’s blockchain ecosystem, upon its mainnet launch in January 2019, Zilliqa grew to become the world’s first public blockchain constructed on sharded structure. Sharding is a database administration method that breaks a database into smaller segments, permitting transactions to be processed in parallel and at scale.
In late 2019, Xfers — a Singapore-based FinTech platform — launched the first SGD-pegged stablecoin ($XSGD) on the Zilliqa blockchain.
This MAS-approved initiative brings immense potential for the Singapore blockchain ecosystem, permitting SGD-denominated trades and transactions to happen on the blockchain. With $XSGD, the Singapore greenback successfully grew to become the third most tokenised forex on the planet.
All through 2020, the proliferation of decentralised finance (DeFi) purposes throughout the blockchain house led to unprecedented development alternatives for the workforce.
As a sensible contract platform characterised by high-performance, low charges, and enterprise-grade safety, Zilliqa is designed for purposes that deal with high-value transactions corresponding to DeFi merchandise.
As a part of Zilliqa’s DeFi ecosystem, a variety of decentralised purposes additionally went dwell on the Zilliqa mainnet. These embrace the likes of NFT minting service and market Mintable.app, decentralised area service supplier Unstoppable Domains, and blockchain gaming software zilFighters.
To develop its ecosystem additional, Zilliqa additionally has its ZILHive initiative which appears to advertise blockchain via accelerator, incubator, schooling, and enterprise initiatives.
Zilliqa Capital, the undertaking’s central enterprise and funding hub, was lately launched in March. Zilliqa Capital goals to put money into decentralised and fintech options throughout investing, wealth administration, insurance coverage, lending, funds, and remittances, in addition to important infrastructures that can allow Internet 3.0.
Shifting ahead, the promise of excessive yields and low gasoline charges ensures that Zilliqa is the perfect blockchain for brand new tasks and experiments to construct on and blossom, solidifying its place as a legit contender as a protocol of alternative within the DeFi house.
Switcheo planted its roots in 2018 with the launch of the world’s first decentralised trade (DEX) on China-based blockchain platform Neo in a time when DEXs have been comparatively unprecedented.
The trade enabled customers to commerce crypto property in a trustless method straight from their very own wallets and with out the necessity for a central middleman.
Switcheo’s reputation was evident from the get-go. Underpinned by its revolutionary expertise and impressive plans to decentralise monetary markets, the startup raised over US$8 million in its ICO.
Three years on, Switcheo has gone above and past in launching new revolutionary merchandise and options in an increasingly-saturated business corresponding to Demex, the open monetary platform constructed on the Switcheo TradeHub sidechain, which has surpassed $75 million in buying and selling quantity since its December launch.
Demex permits its customers to freely commerce crypto property throughout completely different blockchains corresponding to Bitcoin, Ethereum, Binance Sensible Chain, or Neo. By staking the $SWTH token on Demex, customers may earn a minimize of all trades made on Demex.
The crypto natives additionally inked strategic partnerships with notable business gamers DeFiance Capital, Three Arrows Capital, Zilliqa and NGC Ventures, whose backing will serve to additional propel the expansion of the corporate.
Shifting ahead, Switcheo plans to develop Demex into turning into the go-to cross-chain decentralised buying and selling trade, permitting the undertaking to seize worth for its traders throughout all related blockchains.
Based in 2014, Coinhako began with a quite simple mission: to create a easy and hassle-free solution to entry Bitcoin in Singapore.
Since then, the cryptocurrency centralised trade (CEX) has scaled to providing its companies for different international locations in Asia. It affords a number of cryptocurrency buying and selling pairs and has grown into one of the vital distinguished platforms within the house.
Coinhako can be one of many longest-standing platforms, having survived through the 2014 and 2018 ‘crypto winters’, by holding their heads down and persevering with to construct and deal with R&D.
In 2021, Coinhako has emerged as a key participant in Singapore’s cryptocurrency business. It boasts help for over 30 tokens together with $BTC, $ETH, $DAI, $LTC, $XRP and extra (in distinction, Binance.sg solely helps eight completely different tokens).
Coinhako additionally helps the shopping for and promoting of cryptocurrencies via Xfers, financial institution switch, or credit score and debit playing cards.
As a result of its broad help for varied crypto property and integration with a number of fiat gateways, Coinhako stays one of the vital simply accessible and beginner-friendly methods for brand new traders in Singapore to achieve publicity to cryptocurrencies in Singapore.
Being one of many pioneers within the house and surviving the gruelling crypto winters, Coinhako has definitely earned its spot on this record. Shifting ahead, the workforce will proceed to construct upon their product suite, with the objective of providing a extra sturdy suite of cryptocurrency companies for its customers.
4. Kyber Community
Based in 2017, Kyber Network is a liquidity hub that aggregates liquidity from a variety of liquidity sources to energy on the spot and safe crypto exchanges for any decentralised purposes with out the necessity of an middleman.
Kyber DMM is the world’s first permissionless Dynamic Market Maker protocol with larger flexibility and very excessive capital effectivity. Extra use-case particular protocols will likely be added to Kyber to allow completely different liquidity suppliers with their very own distinctive wants to supply liquidity for Kyber.
Kyber is being utilized by greater than 100 blockchain tasks all over the world and have facilitated over $5 billion value of buying and selling quantity. Utilizing Kyber, builders can construct revolutionary purposes, together with on the spot token swap companies, ERC20 fee flows, and monetary DApps.
The community is open-sourced and ruled by the KyberDAO, decentralised group of KNC token holders who stake their tokens and collectively vote and resolve on the important thing parameters and get rewards in return.
Kyber Community is certainly one undertaking that every one Ethereum customers ought to carry on their radar.
It’s not straightforward to not crash and burn
The cryptocurrency business is quick and unforgiving. Initiatives which fail to adapt will inevitably fail.
Solely tasks that are backed by a robust and rising workforce, in addition to an engaged and energetic group will survive in the long term.
We’re comfortable to see many native startups continually studying and adapting to not simply maintain their groups afloat, but in addition blossom through the years. Each infrequently, it’s good to look again at how far a few of these startups and communities have come.
This text is a contribution by Jack Yeu, the co-founder of Switcheo.
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Featured Picture Credit score: Ziliqa / Kyber Community / Coinhako / Switcheo