The cryptocurrency industry is known for its volatility and unpredictability. Its unforgiving nature has resulted in several Singaporean cryptocurrency startups closing their doors in just a few years since their inception.
However, not all have bitten the dust. We're dealing with four cryptocurrency startups in Singapore that are not only strong but also continue to thrive in the global arena amid the ever-changing and unpredictable crypto landscape.
Image credit: Ziliqa
Zilliqa was founded in 2017 by a team of scientists, entrepreneurs and engineers.
In 2018, Zilliqa completed its first coin offering (ICO) and successfully raised $ 22 million at ETH.
After the ICO in 2018, Zilliqa's ecosystem and community has grown significantly and has processed nearly 12 million transactions since its launch in 2019. Zilliqa now has a thriving community of over 150,000 enthusiasts, more than 780,000 wallets, and a growing network of over 1,000 developers.
As one of the best-known names in Singapore's blockchain ecosystem, Zilliqa became the world's first public blockchain based on sharded architecture when the mainnet launched in January 2019. Sharding is a database management technique that divides a database into smaller segments so that transactions can 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) for the Zilliqa blockchain.
This MAS-approved initiative offers immense potential for the blockchain ecosystem in Singapore, allowing SGD-denominated trades and transactions to take place on the blockchain. With $ XSGD, the Singapore dollar effectively became the third most popular currency in the world.
Throughout 2020, the proliferation of DeFi (decentralized finance) applications across the blockchain space brought unprecedented growth opportunities for the team.
As an intelligent contract platform that features 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 recorded a 24-hour trading volume of over $ 11 million.
As part of Zilliqa's DeFi ecosystem, a large number of decentralized applications were also switched live in the Zilliqa mainnet. These include the NFT coin service and marketplace Mintable.app, the decentralized domain service provider Unstoppable Domains and the blockchain gaming application zilFighters.
To further expand its ecosystem, Zilliqa also has its ZILHive initiative, which aims to promote blockchain through accelerator, incubator, education and risk initiatives.
Zilliqa Capital, the project's central business and investment hub, was recently launched in March. Zilliqa Capital aims to invest in decentralized and fintech solutions for investments, asset management, insurance, loans, payments and transfers, as well as in critical infrastructures that enable Web 3.0.
Going forward, the promise of high yields and low gas fees ensures that Zilliqa is the ideal blockchain for new projects and experiments to be built and bloomed on, and cement its position as a legitimate contender as the protocol of choice in DeFi space.
Image credit: Switcheo
Switcheo established 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 still relatively unknown.
The exchange enabled users to trade crypto assets in a trustworthy manner directly from their own wallets and without the need for a central intermediary.
Switcheo's popularity was evident from the start. Drawing on its innovative technology and ambitious plans to decentralize financial markets, the startup raised more than $ 8 million in ICO.
Three years later, Switcheo has launched new innovative products and features in an increasingly saturated industry like Demex, the open finance platform based on the Switcheo TradeHub sidechain that has hit $ 75 million in trading volume since its launch in December brought.
Demex enables its users to freely trade crypto assets via various blockchains such as Bitcoin, Ethereum, Binance Smart Chain or Neo. By putting the $ SWTH token on Demex, users can also earn a cut of all trades made on Demex.
The Crypto Natives have also entered into strategic partnerships with well-known industry players such as DeFiance Capital, Three Arrows Capital, Zilliqa and NGC Ventures, whose support will help drive the company's growth.
In the future, Switcheo plans to expand Demex into a cross-chain, decentralized trading exchange so that the project can capture the value for its investors across all relevant blockchains.
Image credit: Coinhako
Coinhako was founded in 2014 and started with a very simple mission: to create an easy and hassle-free way to access Bitcoin in Singapore.
Since then, the Centralized Cryptocurrency Exchange (CEX) has offered its services to other countries in Asia. It offers multiple cryptocurrency trading pairs and has become one of the most famous platforms in space.
Coinhako is also one of the longest-running platforms that weathered the 2014 and 2018 crypto winters by bowing its head and continuing to focus on research and development.
In 2021, Coinhako has become a major player in Singapore's cryptocurrency industry. It offers support for 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 cryptocurrencies via Xfers, bank transfers or credit and debit cards.
With its broad support for various crypto assets and integration with multiple fiat gateways, Coinhako remains one of the most accessible and beginner-friendly ways for new Singapore investors to get exposure to cryptocurrencies in Singapore.
Coinhako is one of the pioneers in space and has survived the exhausting crypto winters. He earned his place on this list. In the future, the team will continue to build on its suite of products to offer its users a more robust suite of cryptocurrency services.
4. Kyber Network
Photo credit: Kyber Network
Established in 2017, Kyber Network is a liquidity center that pools liquidity from a variety of liquidity sources to enable instant and secure crypto exchanges for decentralized applications with no middlemen.
As a hub for liquidity protocols, Kyber has developed a KyberPRO framework for professional market makers and recently introduced an advanced AMM protocol, Kyber DMM.
Kyber DMM is the world's first license-less Dynamic Market Maker protocol with greater flexibility and extremely high capital efficiency. Kyber will be expanded to include additional use case-specific protocols so that various liquidity providers can offer liquidity for Kyber with their own requirements.
Kyber is used by more than 100 blockchain projects around the world and has enabled over $ 5 billion in trading volume. Kyber enables developers to build innovative applications including instant token swap services, ERC20 payment flows, and financial DApps.
The network is open source and is managed by the KyberDAO, a decentralized community of KNC token holders, who use their tokens and vote together and decide on the most important parameters and receive rewards for doing so.
Kyber Network is definitely a project that all Ethereum users should keep updated.
It's not easy not to crash and burn
The cryptocurrency industry is fast and unforgiving. Projects that don't adapt will inevitably fail.
Only projects that are supported by a strong and growing team and a committed and active community will survive in the long term.
We're excited that many local startups are constantly learning and adapting to not only keep their teams afloat, but also to thrive over the years. Every now and then it's nice to look back at how far some of these startups and communities have come.
This article is a contribution from Jack Yeu, the co-founder of Switcheo.
Cryptocurrency and blockchain technology are an important pillar of content for Vulcan Post and we will continue to cover developments in this area. You can follow our coverage here.
Selected image source: Ziliqa / Kyber Network / Coinhako / Switcheo