The cryptocurrency industry is known for its volatility and unpredictability. Its unforgivable nature has led to multiple cryptocurrency launches in Singapore closing the doors in a few years since its inception.
However, not everyone has bitten the dust. We delve into four cryptocurrency startups in Singapore that not only remain strong, but continue to thrive globally amid the changing and unpredictable cryptocurrency landscape.
Born out of peer-reviewed academic research conducted at the National University of Singapore, Zilliqa was founded in 2017 by a team of academics, entrepreneurs and engineers.
In 2018, Zilliqa concluded its initial coin offering (ICO) i successfully raised $ 22 million and ETH.
After the ICO in 2018, Zilliqa’s ecosystem and community have grown significantly, processing nearly 12 million transactions since its launch in 2019. Zilliqa now has a thriving community of more than 150,000 enthusiasts, more than 780,000 portfolios and an expanding network of more than 1,000 developers.
As one of the most prominent names in Singapore’s blockchain ecosystem, Zilliqa became the world’s first public blockchain built from carved architecture, at the launch of mainnet in January 2019. Sharding is a technique of database management that divides a database into smaller segments, allowing transactions to be processed in parallel and at scale.
At the end of 2019, Xfers, a Singapore-based FinTech platform, launched the first stablecoin set to SGD ($ XSGD) in the Zilliqa blockchain.
This MAS-approved initiative brings immense potential for Singapore’s blockchain ecosystem, enabling transactions and transactions denominated in DGS in the blockchain. With $ XSGD, the Singapore dollar effectively became the third most symbolized currency in the world.
Throughout 2020, the proliferation of decentralized financing (DeFi) applications across the blockchain space led to unprecedented growth opportunities for the team.
As a smart contracting platform characterized by high performance, low rates and business security, Zilliqa is designed for applications that manage high value transactions such as DeFi products.
As part of Zilliqa’s DeFi ecosystem, a wide range of decentralized applications were also released to Zilliqa’s core network. These include services such as NFT minting and the Mintable.app market, the unstoppable domain of the decentralized domain service provider, and the zilFighters blockchain gaming application.
To further grow its ecosystem, Zilliqa also has it ZILHive initiative that seeks to promote the blockchain through accelerators, incubators, educational and risk initiatives.
Zilliqa Capital, the project’s central investment and business hub, was recently launched in March. Zilliqa Capital aims to invest in decentralized and fintech solutions in investment, wealth management, insurance, loans, payments and remittances, as well as critical infrastructure that will enable Web 3.0.
Going forward, the promise of high yields and low gasoline rates ensures that Zilliqa is the ideal blockchain for new projects and experiments to develop and flourish, consolidating its position as a legitimate candidate as a protocol of choice in the DeFi space.
Switcheo planted its roots in 2018 with the launch of the world’s first decentralized exchange (DEX) on the China-based blockchain platform Neo, at a time when DEXs were relatively unheard of.
The exchange allowed users to trade cryptographic assets in a trusted manner directly from their own portfolios and without the need for a central intermediary.
Switcheo’s popularity was evident from the outset. Based on its innovative technology and ambitious plans to decentralize financial markets, the startup increased $ 8 million to your ICO.
Three years later, Switcheo has gone further in launching new products and innovative features in an increasingly saturated industry such as Demex, the open financial platform built on the Switcheo TradeHub side chain, which has surpassed $ 75 million in trading volume since its launch in December.
Demex allows its users to freely trade cryptographic assets in different blockchains such as Bitcoin, Ethereum, Binance Smart Chain or Neo. By participating with the $ SWTH token in Demex, users can also get a discount on all business done on Demex.
Cryptographic natives also established strategic partnerships with notable industry players DeFiance Capital, Three capital arrows, Zilliqa i NGC Ventures, whose support will further drive the company’s growth.
Going forward, Switcheo plans to turn Demex into a decentralized cross-chain trading exchange that will allow the project to capture value for its investors in all relevant blockchains.
Founded in 2014, Coinhako it started with a very simple mission: to create a simple and hassle-free way to access Bitcoin in Singapore.
Since then, the centralized exchange of cryptocurrencies (CEX) has expanded to offer its services to other Asian countries. It offers several cryptocurrency trading pairs and has become one of the most prominent platforms in the space.
Coinhako is also one of the oldest platforms survived during the “cryptographic winters” of 2014 and 2018, keeping its head down and continuing to build and focus on R&D.
In 2021, Coinhako has become a key player in Singapore’s cryptocurrency industry. It has support for more than 30 tokens, including $ BTC, $ ETH, $ DAI, $ LTC, $ XRP and more (while Binance.sg only supports eight different tokens).
Coinhako also supports the purchase and sale of cryptocurrencies via Xfers, bank transfer or credit and debit cards.
Due to its extensive support for various cryptographic assets and its integration with multiple fiat gateways, Coinhako remains one of the easiest and easiest ways to get new investors in Singapore to be exposed to cryptocurrencies in Singapore.
Being one of the pioneers in space and surviving the grueling cryptographic winters, Coinhako has earned its place on this list. Moving forward, the team will continue to build on its product suite, with the goal of offering a more robust set of cryptocurrency services for its users.
4. Kyber Network
Founded in 2017, Kyber Network is a liquidity center that brings together liquidity from a wide range of liquidity sources to feed instant and secure cryptographic exchanges for any decentralized application without the need for an intermediary.
Kyber DMM is the world’s first unlicensed Dynamic Market Maker protocol with greater flexibility and extremely high capital efficiency. More use case-specific protocols will be added to Kyber to allow different liquidity providers with their own needs to offer liquidity to Kyber.
Kyber is being used by more than 100 blockchain projects worldwide and have facilitated a trading volume of more than $ 5 billion. Through Kyber, developers can create innovative applications, including instant token exchange services, ERC20 payment flows, and financial DApps.
The network is open source and is governed by KyberDAO, a decentralized community of KNC token holders who play their tokens and vote and collectively decide key parameters and get rewards in return.
Kyber Network is definitely a project that all Ethereum users should keep on the radar.
It’s not easy not to crash and burn yourself
The cryptocurrency industry is fast and unforgivable. Projects that do not adapt will do so inevitably fail.
Only projects supported by a strong and growing team, as well as an active and committed community, will survive in the long run.
We are thrilled to see many local startups learning and constantly adapting to not only keep their teams in the fleet, but also flourish over the years. From time to time, it’s good to look back at how far some of these startups and communities have come.
This article is a contribution of Jack Yeu, the co-founder of Switcheo.
Cryptocurrency and blockchain technology is a key content pillar for Vulcan Post and we will continue to cover development in this space. You can follow our coverage here.
Featured Image Credit: Ziliqa / Kyber Network / Coinhako / Switcheo