A national initiative to scale and adopt blockchain across untapped business sectors
SINGAPORE - December 29, 2021 – Crypto.com is supporting Singapore Blockchain Innovation Programme (SBIP) as a Gold Member as of December 2021.
SBIP is a national-level partnership anchored at the National University of Singapore, developing use-inspired blockchain technology. The programme harnesses the expertise and infrastructure of world-leading research bodies and corporations, acting as a focal point for blockchain technology research in Singapore.
What is the Singapore Blockchain Innovation Programme?
SBIP was launched in December 2020 with the goal to strengthen Singapore’s blockchain ecosystem. Enterprise Singapore (ESG), Infocomm Media Development Authority (IMDA), and the National Research Foundation Singapore (NRF), supported by the Monetary Authority of Singapore (MAS), back the S$12 million project.
SBIP facilitates the adoption of blockchain systems for real-world applications through 3 key strategies:
- Engaging over 70 companies by 2023 to launch blockchain projects and pioneer innovative business solutions.
- Helping local ICT companies tap blockchain technology through a blockchain tech talent pool.
- Research efforts focusing on two key areas: Blockchain scalability and Blockchain interoperability.
A key interest of Crypto.com is SBIP’s efforts at the forefront of blockchain scalability, which will enable widespread adoption of blockchain in business environments with high transaction rates. The second focus area of blockchain interoperability will work towards the goal of seamless exchange across blockchain systems and addressing the current challenges of siloed blockchain networks.
Examples of Current SBIP Projects
- DID: A framework for decentralised identity management.
- Shuttle: An interoperability solution for any type of fungible asset from fiat, cryptocurrencies, distributed ledgers (blockchain), in-game tokens, to any asset trackable on a ledger.
- ConTrack: A rigorous analysis tool to perform full verification of the safety and correctness of smart contracts.
The Programme in Action
SBIP offers seminars, workshops, educational courses, and networking sessions for members, academics, practitioners, businesses, and governmental agencies.
24- and 48-hour hackathons running under various themes will bring members together with the contestants to push blockchain solutions forward.
SBIP further provides access to its hardware/software infrastructure (the ‘testbed’) housed at the National University of Singapore. The testbed will run Proof-of-Concept and Proof-of-Value projects developed in the programme, with Crypto.com participating in the infrastructure with up to 20 shared and 5 dedicated nodes.
Goals of the Blockchain Partnership
Professor Low Teck Seng, Chief Executive Officer, NRF, said, ‘The Singapore Blockchain Innovation Programme (SBIP) provides exciting growth opportunities for the blockchain innovation landscape and is a significant milestone in Singapore’s journey towards becoming a trusted, digital economy. [...] SBIP will help companies accelerate their technology adoption and be ready for the next phase of digital evolution.’
Henry Hon, PhD, Head of Research at Crypto.com, added: ‘SBIP’s research in blockchain scalability is vital to the crypto industry. More efficient networks increase the number of processed transactions per second (TPS) and also allow for lower gas fees, making the worlds of DeFi, NFTs, and GameFi affordable for more users. SBIP’s research in blockchain interoperability is another key motivation for our support to the programme. We expect the future of crypto to be a multichain one, allowing users to move funds from one blockchain to another in an easy but secure manner.’
Founded in 2016, Crypto.com serves over 10 million customers with the world’s fastest growing cryptocurrency and financial services platform. Crypto.com is built on a foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance, and independently assessed at Tier 4, the highest level for both NIST Cybersecurity and Privacy Frameworks, as well as Service Organization Control (SOC) 2 compliance.
With over 3,000 people in offices across the Americas, Europe and Asia, Crypto.com is accelerating the world’s transition to cryptocurrency. Find out more: https://crypto.com
About Singapore Blockchain Innovation Programme
Singapore Blockchain Innovation Programme (SBIP) is a national programme supported by the Singapore Government and hosted by National University of Singapore (NUS). SBIP aims to advance blockchain technologies by building next-generation blockchain frameworks. It also helps local businesses in adopting blockchain by providing industrial infrastructure support. SBIP's mandate is to unite communities of software developers and industry partners, through seminars, workshops, hackathon and other networking events.