10 confirmations — Singapore is THE hotbed for cryptocurrency and blockchain companies

A staggering number of over 634 companies were incorporated in Singapore with a combined market cap of approximately $8.3B

Singapore was dubbed as the country that was extremely hot in the ICO boom of 2017 to 2018. As all information on companies registered in Singapore is public, a chance encounter led us to researching on just how many companies in the blockchain and cryptocurrency industry are incorporated in Singapore. Please scroll to the bottom of the article to find the full dataset. The analysis of the dataset may contain errors of classification, please do your own research.

We found that there are 634 companies incorporated in Singapore with possible relations to cryptocurrencies and blockchain based on the name (chain, blockchain, chain, coin and filtered for supply chain companies). Many of them also use the SSIC code of 62019 stipulating their industry type to be development of software. The combined market value of the cryptocurrency projects according to CoinMarketCap is $8.3B. The top 10 projects based are: Litecoin, Tron, Binance, NEO, NEM, Tezos, Vechain, Ontology, Qtum, Bytom & Huobi.

Incorporation of blockchain and crypto related companies in Singapore count per month from Jan 2016 to Dec 2018

Price of Bitcoin as charted on CoinMarketCap.com for period of Jan 2016 to Dec 2018

From the visualizations above, we find a significant correlation of company incorporation with the price of Bitcoin (the #1 cryptocurrency by market value). It is notable that despite the drop in prices, many companies still continue to be incorporated in Singapore.

Cryptocurrency and blockchain projects with circulating market cap of higher than $10M registered in Singapore from 2016 to 2018

The market value of the top 2000 cryptocurrencies in the world is 132B, Singapore incorporated cryptocurrency projects amount to 6% of the total market value. Aside from cryptocurrencies that are traded and liquid on exchanges, some other notable names include Upbit, Bitmain, OKcoin, Fetch.AI, imToken & Coincheck.

You can view the full dataset here: https://docs.google.com/spreadsheets/d/1Lk6TJdlylVYhUWDnr7gSjnND5As90ghL8iqDKyoY1_0/
*Information presented are based on OpenCorpData.com and CoinMarketCap.com
**There will be inaccuracies of classification, please do your own research
***To request for dataset, please drop me an email [email protected]

Further analysis can be conducted with the dataset to bring in data sources of job created, community impact, total revenues and social media share of voice. Regardless of those numbers, it’s clear that Singapore has been put on the map for the frontier technology blockchain and cryptocurrencies. Singapore should evaluate the approach to frontier technologies and further seek to attract companies to consider Singapore as a destination for business to maintain competitiveness.

I’m hopeful for Singapore as a vibrant hub for blockchain and cryptocurrency innovation, are you?

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Hashtag Capital is a multi-strategy electronic trading fund for crypto assets. The partners of Hashtag Capital have supported the growth of companies like CryptoAudiences, Counter Network, CryptoKitties, CoinMarketCap, Cobo, Chainrock, Akio Labs, PledgeCamp, EOSIO.SG and many others over the past 2 years.

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