Blockchain and Crypto Market Trends in Singapore

by | May 31, 2021

The blockchain and cryptocurrency market in Asia has significantly flourished over the years. In fact, recent studies show that Asian crypto users account for 60 percent of the global market. Singapore, SE Asia’s leading tech hub, is at the center of all the excitement in these two industries. 

This is all thanks to the country’s open-mindedness in exploring distribution ledger technologies in settling securities and payments. On top of that, the government has been quite proactive in creating regulations for cryptocurrencies and blockchain.  

Cryptocurrency Market Trends in Singapore

Notably, SG’s cryptocurrency market remains small compared to stocks or bonds. The combined peak daily trading volume of the three popular cryptocurrencies – BTC, XRP, and ETH – only amounted to two percent of the daily trading volume of securities in the country last year. 

Despite that, financial institutions like the multinational Singaporean bank, DBS, have started warming up to cryptocurrency and exchange. Shops and sellers have also offered cryptocurrency as another payment option when purchasing a product or service. Some famous SG-based businesses that accept crypto payments include Kopitiam, Ducatus Café, Artistry, and Epic Gear. 

    Challenges in Crypto Market in Singapore

    While the locals and government are getting more inclined to use crypto, many would argue that the market isn’t moving as fast as other countries like the UK, USA, and United Arab Emirates. 

    This happens because crypto faces a few challenges in penetrating the Singapore market. Some of these challenges include the following:

    • Money laundering concerns
    • Trust and security risks
    • Regulation and licensing of cryptocurrencies and exchanges
    • Lack of cooperation with banks
    • International rules on cryptocurrency use

    But, even with the existing hurdles that crypto businesses have to deal with, opportunities keep coming. Companies in the cryptocurrency space have been receiving funding from investors all over the globe through the years. One notable example would be Alpha Impact which managed to receive $3 million in funding ahead of the platform’s official launch.

    Blockchain Market Trends in Singapore

    Besides being an exciting battleground for cryptocurrency vendors, Singapore is also known for its booming community of blockchain businesses. The technology applies to all sorts of industries beyond crypto, such as airline business, real estate, education, and the public sector. Nowadays, there are also massive blockchain initiatives in the healthcare, financial services, food industry, and supply chain. 

    Because of that, it’s no surprise that SG currently has 331 blockchain companies operating in full swing. Some familiar names include Yieldly, Tribe Accelerator, Trophee, Log Chain, VNDC.

    Similar to the crypto market, several blockchain vendors have also amassed significant funding in recent years. A few examples include Pandora Finance with $2.4M, Yieldly with $1.4M, and X World Games with $1.2M. 

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    An Opportunity for Talents

    With the fast-paced changes and growth in both markets, talents can most certainly expect increased career opportunities. It could mean expansion for existing companies like Switcheo and HashCash Consultants. Alternatively, the promising potential of blockchain technology and cryptocurrency and trade can also boost the number of startups in the country. 

    If you’re a candidate looking to grow and develop your career in either of two niches, you can look into in-demand roles like blockchain engineers or developers. Like most developers today, you can also try looking for product-based companies to work for. 

    Surely enough, it’s hard to predict how well the two markets will perform after a decade or two. But, it’s worth noting that it shows promising potential, especially to many well-deserved tech talents. 

    It would be interesting to see how both will evolve and continue disrupting various sectors in the country and the rest of the APAC, especially after the pandemic.   

    Datasearch Consulting Can Help With Your Executive Recruitment Needs

    Are you looking for a job in blockchain or crypto? Singapore and the rest of the Asia Pacific are brimming with opportunities for the right people. Whether you’re a senior blockchain engineer or a blockchain legal consultant, there’s undoubtedly a company that would be a good fit for your skills, proficiencies, and experience. 

    Let our experienced executive recruitment specialist help you. Datasearch Consulting is here to lend you a hand with your crypto or blockchain technology recruitment needs. Contact us today for more information, or you can check out our job portal page to check the latest job openings in your niche. 

    Salma Kazi is the Business Development Executive at Datasearch Consulting, a leading executive recruitment firm specialising in the Data & Technology sectors.

    You can download their FREE comprehensive guide on “The Complete Guide to Navigating your Job Search – 5 Proven Steps to Secure your Ideal Fintech or Data Role”. Alternatively, you can view the Datasearch Consulting website or contact them directly on info@datasearchconsulting.com for a more detailed discussion.

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