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Singapore Government’s Tribe Accelerator Secures $15.7M For Startups

Singapore government-backed blockchain platform Tribe has raised $15.7 million for participating companies through its ecosystem.

On Dec. 2 a press release was shared by Tribe Accelerator revealing that a total of $28 million has been raised till yet to support start-ups from around the world while attempting to solve real-world problems with blockchain technology. The first group of startups reportedly raised over $12.2 million within three months.

Managing partner of Tribe Accelerator, Ng Yi Ming commented:

“Another successful round of fundraising underscores the relevance of blockchain technology in solving real-world problems. Every idea or solution shared during the Demo day has the potential to revolutionise the way the linked industry works in the present. We will continue to harbour companies with transformative innovations, that can change the face of the blockchain industry and benefit the end-user — making the technology more mainstream.”

Support From Government And Corporate Partners

Tribe Accelerator was launched in December 2018 and is the brainchild of Tri5 Ventures, a venture capital firm aiming to support later-stage startups. Tribe facilitates blockchain startups in their growth stage by connecting them with major corporations.

Since its launch, Tribe has received support from government and corporate partners including

  1. Big four accounting giant PwC

  2. South Korean blockchain network, Icon Foundation

  3. BMW Group Asia

  4. Intel, among others.

Recently, tech giant IBMCitibank, and gaming company Ubisoft have come on board as corporate partners for Tribe accelerator for the second edition of Tribe’s four-month program.

More recently, Tezos announced a partnership with Singapore government-backed blockchain platform Tribe to launch a training program for developers on the Tezos blockchain. The collaboration with Tribe is to attract more developers to create Tezos blockchain-based solutions for real-world applications.

Source: Cointelegraph | Image: Cryptopolitan

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