Governments have been, shall we say…”tepid” in their “support” of innovation in crypto-currency. And banks? They tend to actively ‘disable’ nascent crypto-currency startups by preventing them from opening bank accounts to pay their employees, as an example. Not all governments are afraid of the Bitcoin, though; in Singapore, a government-backed financial tech (FinTech) accelerator is boosting three crypto-currency businesses by offering mentorship from over 100 entrepreneurs, investors and corporate partners. The intent is to help them with market strategies, product development and scaling across Southeast Asia. Additionally, each of them will receive SG$24,500 (US$17,850) in seed funding and four months of free office space. While these companies may indeed fail (like every other startup), Singapore’s signaling of support for crypto-currency and associated technologies highlights a potential safe haven for its ecosystem of entrepreneurs and innovators.
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