The cryptocurrency industry is known for its volatility and unpredictability. Its unforgiving nature has given rise to many cryptocurrency startups in Singapore They close their doors Within a few years since its inception.
However, not everyone bites the dust. We delve into four cryptocurrency startups in Singapore that not only stand strong, but continue to thrive on the global stage amid the ever-changing and unpredictable cryptocurrency landscape.
1. Slippery
Zilliqa was founded in 2017 by a team of academics, businessmen and engineers.
In 2018, Zilliqa concluded its Initial Coin Offering (ICO) and She raised $ 22 million In ETH.
After the ICO in 2018, the Zilliqa ecosystem and community have grown exponentially, handling nearly 12 million transactions since its launch in 2019. Zilliqa now has a thriving community of over 150,000 enthusiasts, over 780,000 wallets, and an expanded network of over 1,000 Developer. .
As one of the most prominent names in Singapore’s blockchain system, upon launching its flagship network in January 2019, Zilliqa became the world’s first public blockchain built on an interconnected architecture. Sharing is a database management technology that divides a database into smaller parts, allowing for parallel and large scale transaction processing.
In late 2019, Xfers – the Singapore-based FinTech platform – Launched first SGD linked stable currency (XSGD Dollar) On the Zilliqa blockchain.
This MAS-approved initiative provides massive potential for the Singapore blockchain ecosystem, allowing SGD-denominated trading and transactions on the blockchain. With XSGD dollars, the Singapore dollar is effectively the third most popular token in the world.
Throughout 2020, the proliferation of decentralized finance (DeFi) applications across the blockchain space has created unprecedented growth opportunities for the team.
As a smart contract platform with high performance, low fees, and enterprise-grade security, Zilliqa is designed for applications that handle high-value transactions such as DeFi products.
Zelswap, The first decentralized exchange on the Zilliqa blockchain, It went live in 2020 Since then it has seen its 24-hour trading volume grow to over USD 11 million.
As part of Zilliqa’s DeFi ecosystem, a wide range of decentralized applications have also been run on the Zilliqa mainnet. These include the likes of NFT Minting service and Marketplace Mintable.app, the decentralized domain service provider Unstoppable Domains, and the blockchain gaming app zilFighters.
To grow its ecosystem further, Zilliqa also owns Zellheim An initiative that looks to advance the blockchain through accelerator, incubator, education and enterprise initiatives.
Zilika Capital, the project’s central business and investment center, was recently launched in March. Zilliqa Capital aims to invest in decentralized solutions and financial technology through investment, wealth management, insurance, lending, payments and remittances, as well as the critical infrastructure that will enable Web 3.0.
Going forward, the promise of high productivity and low gas fees ensures that Zilliqa is the ideal blockchain for new projects and experiences to build on and thrive on, cementing its position as a legitimate competitor as the preferred protocol in the DeFi space.
2. Switcheo
Switcheo It planted its roots in 2018 with the launch of the world’s first decentralized exchange (DEX) on the Chinese blockchain platform Neo at a time when DEXs were relatively unheard of.
The exchange enabled users to trade crypto assets in an unreliable manner directly from their own portfolios and without the need for a central broker.
Switcheo’s popularity was evident from the start. Backed by its innovative technologies and ambitious plans to decentralize the financial markets, the startup was born. $ 8 Million US Dollars in her ICO.
Three years later, Switcheo has gone further in launching new innovative products and features in an increasingly saturated industry such as Demex, The open financial platform based on Switcheo TradeHub sidechain, which has traded volume exceeding $ 75 million since its launch in December.
Demex allows its users to freely trade in crypto assets via various blockchains such as Bitcoin, Ethereum, Binance Smart Chain, or Neo. By placing the $ SWTH token on Demex, users can also earn a portion of all trades made on Demex.
Cryptocurrency citizens have also entered into strategic partnerships with prominent players in the industry Defense CapitalAnd the Three share capitalAnd the nectarine And the NGC ProjectsWhose support will further drive the company’s growth.
Going forward, Switcheo plans to grow Demex into a decentralized cross-chain exchange, allowing the enterprise to capture value for its investors across all related blockchains.
3. Quinhaku
Founded in 2014, Quinhaku It started with a very simple task: creating a simple and hassle-free way to access Bitcoin in Singapore.
Since then, the Central Cryptocurrency Exchange (CEX) has expanded to offer its services to other countries in Asia. It offers many cryptocurrency pairs and has grown to be one of the most prominent platforms in the space.
Coinhako is also one of the oldest platforms to own Survived during 2014 and 2018 Crypto Winter, By keeping their heads down, continuing to build, and focusing on research and development.
In the year 2021, Coinhako has emerged as a major player in the cryptocurrency industry in Singapore. It supports over 30 tokens including $ BTC, $ ETH, $ DAI, $ LTC, $ XRP, and more (in contrast, Binance.sg only supports eight different tokens).
Coinhako also supports buying and selling of cryptocurrencies through Xfers, bank transfer, or credit and debit cards.
With its broad support for numerous crypto assets and integration with several fiat portals, Coinhako remains one of the easiest and most accessible and beginner ways for new investors in Singapore to gain exposure to cryptocurrency in Singapore.
Being one of the pioneers in space and weathering the exhausting winters of crypto, Coinhako has definitely earned its place on this list. Going forward, the team will continue to build on their product portfolio, aiming to offer a more robust set of cryptocurrency services to its users.
4. Kipper Network
Founded in 2017, Network Kipper It is a liquidity center that collects liquidity from a wide range of liquidity sources to operate instant and secure cryptocurrency exchanges for any decentralized applications without the need for a middleman.
As a hub for liquidity protocols, Kyber has built the KyberPRO The framework caters to professional market makers and recently launched an advanced AMM protocol, DMM Kipper.
Kyber DMM is the world’s first unauthorized dynamic market maker protocol with greater flexibility and extremely high capital efficiency. More use case protocols will be added to Kyber to enable the various liquidity providers to meet their unique liquidity offering needs for Kyber.
Kyber is used by more than 100 blockchain projects worldwide and has facilitated over $ 5 billion in turnover. With Kyber, developers can create innovative apps, including real-time token exchange services, ERC20 payment streams, and DApps.
The network is open source and governed by it KyberDAO, A decentralized community of KNC token holders who participate in their coins, vote collectively, decide key criteria, and receive rewards in return.
The Kyber Network is definitely one of the projects that all Ethereum users should keep on their radar.
It is not easy not to crumble and burn
The cryptocurrency industry is fast and unforgiving. Projects that fail to adapt to will Inevitably fail.
Only projects supported by a strong and growing team, as well as an active and vibrant community, will remain for the long term.
We are excited to see many local startups constantly learning and adapting to not only keep their teams afloat, but also thrive over the years. Every now and then, it’s good to look back to how far some of these startups and communities have come.
This article is a contribution from Switcheo co-founder Jack Yeu.
Cryptocurrency and blockchain technology is a pillar of content at Vulcan Post, and we will continue to cover the development in this area. You can follow our coverage Here.
Featured Image Credit: Ziliqa / Kyber Network / Coinhako / Switcheo
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