Singapore has emerged as a global hub for blockchain innovation, with homegrown startups making waves on the world stage. As we move into 2024, Singapore-based blockchain startups are poised for even greater growth and impact.
An Overview of Singapore’s Blockchain Startup Ecosystem
Singapore’s pro-business policies, advanced technology infrastructure, and talent pool have attracted crypto investment and entrepreneurship. The city-state is now home to over 200 blockchain startups spanning platforms, NFTs, DeFi, crypto payments and more.
Key factors driving Singapore’s blockchain startup success:
- Supportive regulations: Singapore does not treat cryptocurrencies as legal tender, but takes a forward-thinking approach to crypto regulation. Regulatory clarity gives startups confidence to build and scale. The Monetary Authority of Singapore (MAS) has introduced new licenses to allow compliant crypto activity.
- Government funding: Singapore’s government actively invests in emerging technologies through grants and initiatives. For example, the National Research Foundation has a S$27 million fund to support blockchain R&D.
- Talent: Singapore is able to attract international tech talent due to its cosmopolitan environment, developed infrastructure and English literacy. Blockchain coders, designers and business builders are drawn to its startup ecosystem.
- User base: Singapore has high crypto adoption rates, providing local startups with an engaged user community to serve as early adopters.
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Spotlight: Merkle Science
One Singapore blockchain company making waves is Merkle Science, a leading blockchain analytics firm focused on security and compliance. Merkle Science was founded in 2018 and has seen tremendous growth over the past year.
Merkle Science provides predictive blockchain monitoring and investigative tools to exchanges, financial institutions, and government agencies. Their solution suite includes:
- Risk Scoring: Real-time risk assessment of crypto wallet transactions and addresses
- Transaction Monitoring: Identify high risk activity like scams, fraud, or ransomware payments
- Investigations: Forensic tracing of funds across blockchain networks and attribution of wallets to real-world entities
- Compliance: Tools and data to fulfill regulatory requirements like Travel Rule, GDPR, AML
In 2022, Merkle Science significantly expanded their capabilities and client base:
- Raised $5 million in Series A funding led by Digital Currency Group
- Doubled employee headcount to over 60 team members across Singapore, India, and Thailand
- Acquired blockchain forensics firm Elliptic Singapore, growing regional presence
- Onboarded major new clients like Crypto.com, Vauld, Coinhako and others
- Expanded monitoring coverage to 10+ blockchain networks including Bitcoin, Ethereum, Polygon
This growth has cemented Merkle Science as a compliance leader in Asia’s booming crypto industry. Their regulatory technology empowers clients to embrace blockchain securely.
As we enter 2024, Merkle Science is poised to become a global force in blockchain intelligence. Upcoming plans include:
- Expanding worldwide to open offices across the Americas, Europe, and MENA regions
- Developing risk products for DeFi, NFTs, and cross-chain transactions
- Launching SaaS solutions for streamlined customer onboarding and self-serve compliance
- Moving beyond crypto into blockchain forensics for cybersecurity and law enforcement
With strong domain expertise and continued technical innovation, Merkle Science represents the best of Singapore’s blockchain startups. Their meteoric rise shows the immense possibilities this sector holds in 2024 and beyond.
Series B Raises Point to Maturing Industry
As Singapore-based blockchain firms like Merkle Science are growing, many are raising larger investment rounds to scale globally.
2022 saw several Singapore crypto startups complete Series B funding rounds, typically $10-30 million raises:
- Rudex: $18 million led by GSR Ventures in February
- Switcheo: $18 million led by Digi Ventures in March
- Bot Ocean: $25 million led by Sequoia Capital India in April
- Mintable: $15 million led by Galaxy Interactive in July
- FantomStarter: $16 million led by Arrington XRP in October
These maturing startups are using the capital to expand into new markets, build out product suites, and acquire users around the world.
Series B rounds indicate an industry moving beyond its infancy into stable growth. As startups gain traction, VCs are willing to fund growth rather than early proof-of-concepts.
We can expect further Series B raises in 2023-2024 as Singapore’s crypto scene matures. Startups will consolidate power and attempt to become industry leaders. Fierce competition may lead to acquisitions and consolidation around the strongest players.
Overall, Series B funding marks a coming-of-age for Singapore crypto as it starts standing shoulder-to-shoulder with fintech hubs like Silicon Valley and Europe.
Bezant Gears Up to Disrupt Gaming and DeFi
One sector gaining huge momentum both globally and in Singapore is blockchain gaming. Bezant is a Singapore-based project combining gaming and DeFi to build the next-generation gaming economy.
Blending Gaming with Crypto
Bezant utilizes blockchain technology and token rewards to empower creators and energize communities within games. Key features include:
- In-game tokens: Virtual goods like collectibles and assets represented as NFTs on the blockchain. Provides verifiable ownership.
- Creator economy: Game creators, streamers and community leaders can monetize contributions to game economies.
- Decentralized exchange: Users can trustlessly trade in-game NFT items through automated market maker and order book protocols.
By sharing value more equitably between players and creators, Bezant aims to revolutionize gaming business models. Its decentralized approach aligns incentives between creators, players and publishers to grow sustainable gaming ecosystems.
Bezant is launching a series of initiatives to gain adoption in 2023-2024:
- ZANT Launchpad: Enabling game studios to deploy tokens and decentralize game economies with ease.
- Incubator Program: Onboarding indie game developers and providing funding and resources to build blockchain games on Bezant.
- Titles in Development: Bezant is co-producing its first games, including an MMORPG called Crystal Reign built by veterans from NCSoft.
With this foundation, Bezant seeks to become a leading platform for the play-and-earn gaming movement. Its base in Singapore gives it access to both blockchain and gaming talent to bring this vision to reality.
Singapore’s supportive business environment, talent pool, and receptive user community have primed it for blockchain startup success. Growth-stage companies like Merkle Science show the country is home to mature tech giants ready to lead the industry globally.
We can expect Singapore’s crypto scene to continue thriving in 2024 and beyond. More startups will reach Series B funding rounds and unicorn valuations as adoption grows exponentially. With the right fusion of blockchain and real-world business acumen, Singapore could well emerge as the world’s foremost crypto hub. Hope we explained in detail about Singaporebased Merkle Science Seriesbetzcoindesk.