The cryptocurrency industry is known for its volatility and unpredictability. Its ruthless nature has led several Singaporean cryptocurrency startups to close their doors in just a few years since their inception.
However, not all of them bite the dust. We explore four cryptocurrency startups in Singapore that not only are strong, but continue to thrive in the global arena amid an ever-changing and unpredictable crypto 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 completed its Initial Coin Offering (ICO) and successfully raised US $ 22 million in ETH.
Following the ICO in 2018, the Zilliqa ecosystem and community has grown significantly, processing nearly 12 million transactions since its launch in 2019. Zilliqa now has a thriving community of over 150,000 enthusiasts, over 780,000 portfolios and an expanding network of over 1,000 developers.
As one of the most important names in Singapore’s blockchain ecosystem, when it launched on the mainnet in January 2019, Zilliqa became the world’s first public blockchain built on a fragmented architecture. Sharding is a database management technique that divides a database into smaller segments, allowing transactions to be processed in parallel and on a large scale.
In late 2019, Xfers – a Singapore-based FinTech platform – launched the first SGD-linked stablecoin ($ XSGD) on the Zilliqa blockchain.
This MAS-approved initiative offers immense potential for Singapore’s blockchain ecosystem, allowing SGD-denominated transactions and transactions to occur on the blockchain. With $ XSGD, the Singapore dollar has effectively become the third most symbolized currency in the world.
Throughout 2020, the proliferation of decentralized finance (DeFi) applications in the blockchain space created unprecedented growth opportunities for the team.
As a smart contract platform characterized by high performance, low fees, and enterprise-grade security, Zilliqa is designed for applications that handle high-value transactions such as DeFi products.
Zilswap, the first decentralized exchange on the Zilliqa blockchain, went live in 2020 and has since seen 24-hour trading volume grow to over US $ 11 million.
As part of Zilliqa’s DeFi ecosystem, a wide range of decentralized applications have also been brought online to Zilliqa’s mainnet. These include the NFT keystroke service and Mintable.app marketplace, the decentralized domain service provider Unstoppable Domains, and the blockchain gaming app zilFighters.
To further develop its ecosystem, Zilliqa also has its ZILHive initiative which aims to promote blockchain through accelerator, incubator, education and venture capital initiatives.
Zilliqa Capital, the project’s central business and investment center, was recently launched in March. Zilliqa Capital aims to invest in decentralized and fintech solutions in the areas of investment, wealth management, insurance, lending, payments and remittances, as well as in critical infrastructure that will enable the Web 3.0.
Going forward, the promise of high returns and low gas costs ensures that Zilliqa is the ideal blockchain for new projects and experiences to build on and flourish on, strengthening its position as a legitimate candidate as a protocol for 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 unknown.
The exchange allowed users to trade crypto assets in a trustless manner directly from their own wallets and without the need for a central intermediary.
Switcheo’s popularity was evident from the start. Supported by its innovative technology and ambitious plans to decentralize financial markets, the startup has raised more than US $ 8 million in its ICO.
Three years later, Switcheo has exceeded expectations by launching innovative new products and features in an increasingly saturated industry such as Demex, the open financial platform built on the Switcheo TradeHub sidechain, which topped $ 75 million. in transaction volume since its launch in December. .
Demex allows its users to freely trade crypto assets on different blockchains such as Bitcoin, Ethereum, Binance Smart Chain or Neo. By staking the $ SWTH token on Demex, users can also earn a share of all transactions made on Demex.
Crypto natives have also signed strategic partnerships with notable industry players DeFiance Capital, Three Arrows Capital, Zilliqa and NGC Ventures, whose backing will serve to further propel the growth of the company.
Going forward, Switcheo plans to make Demex the go-to decentralized cross-chain trading exchange, enabling the project to capture value for its investors across all relevant blockchains.
Founded in 2014, Coinhako started with a very simple mission: to create a simple, hassle-free way to access Bitcoin in Singapore.
Since then, the Centralized Cryptocurrency Exchange (CEX) has evolved to offer its services to other countries in Asia. It offers several cryptocurrency trading pairs and has become one of the most important platforms in the space.
Coinhako is also one of the oldest platforms, having survived the “ crypto winters ” of 2014 and 2018, keeping its head down and continuing to develop and focus on R&D.
In 2021, Coinhako has become a key 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 the buying and selling of cryptocurrencies via Xfers, wire transfer, or credit and debit cards.
Due to its broad support for various crypto assets and integration with multiple fiat gateways, Coinhako remains one of the most easily accessible and user-friendly ways for new investors in Singapore to gain exposure to cryptocurrencies. in Singapore.
Being one of the pioneers in space and having survived grueling crypto winters, Coinhako certainly earned its place on this list. Going forward, the team will continue to build on its suite of products, with the goal of delivering a more robust suite of cryptocurrency services to its users.
4. Kyber network
Founded in 2017, Kyber Network is a liquidity hub that aggregates liquidity from a wide range of liquidity sources to fuel instant and secure crypto exchanges for all decentralized applications without the need for an intermediary.
As a hub for liquidity protocols, Kyber built the KyberPRO framework for professional market makers and recently launched an advanced AMM protocol, Kyber DMM.
Kyber DMM is the world’s first permissionless 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 unique needs to offer liquidity to Kyber.
Kyber is used by over 100 blockchain projects around the world and has facilitated a transaction volume of over $ 5 billion. Using Kyber, developers can build innovative applications including instant token exchange services, ERC20 payment streams, and financial DApps.
The network is open-source and governed by the KyberDAO, a decentralized community of KNC token holders who stake their tokens and vote collectively and decide on key parameters and get rewards in return.
Kyber Network is definitely a project that all Ethereum users should keep on their radar.
It’s not easy not to crash and burn
The cryptocurrency industry is fast paced and ruthless. Projects that don’t fit will inevitably fail.
Only projects supported by a strong and growing team, as well as an engaged and active community will survive in the long term.
We are happy 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 nice to look back on how far some of these startups and communities have come.
This article is a contribution by Jack Yeu, co-founder of Switcheo.
Cryptocurrency and blockchain technology is a key content pillar for Vulcan Post, and we’ll continue to cover development in this space. You can follow our coverage here.
Featured Image Credit: Ziliqa / Kyber Network / Coinhako / Switcheo
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