The IOST Foundation recently issued a press release revealing that it has entered a strategic partnership with Enterprise Singapore and regional blockchain incubator Hashed Venture Labs to develop the local blockchain ecosystem and support blockchain startups in the country.
The IOST Foundation revealed that it will work with Enterprise Singapore to expedite blockchain adoption while bringing out the potential of small- and medium-sized enterprises in Singapore through the use of blockchain technology.
Enterprise Singapore — a government agency promoting enterprise development — works with businesses to build capacity, innovate, and internationalize. The agency also aims for Singapore to grow as a center for innovative startups.
The Singaporean government offers support and incentives to local and foreign companies with core businesses based in the country, reinforcing the city-state’s role as a launchpad from which to expand in the region.
Edwin Chow, Assistant CEO of Enterprise Singapore, said that to demonstrate the agency’s commitment and determination to drive growth among blockchain startups, Enterprise Singapore will offer startup grants worth S$30,000 to founders launching innovative blockchain solutions.
Moreover, the agency will fund qualified startups with overseas expansion grants worth S$20,000 and investment rounds provided by its venture capital arm, SEEDS Capital, worth up to S$4 million.
IOST — through its partnership with regional blockchain incubator Hashed Venture Labs — will play a role in evaluating and recommending potential Singapore blockchain startups for startup grants from Enterprise Singapore, which will further drive the growth of the country’s blockchain ecosystem.
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