IBM and Citibank Join Singapore Late-Stage Blockchain Accelerator

IBM, Citibank and video game giant Ubisoft have signed up to Singapore-based Tribe Accelerator.

Corporations mingle with blockchain startups

Local news outlet The Straits Times reported on Sept. 18 that the companies have joined as corporate partners for the second edition of Tribe's four-month program.

According to the report, Tribe helps blockchain startups in their growth stage by connecting them with major corporations.

Startups in this second group operate in fields such as media and advertising, cybersecurity, healthcare, fintech and supply chain management. 

The list of participating startups includes Binance-backed digital identity and password management firm Torus, distributed database service Bluzelle, healthcare startup WhiteCoat, digital identity and data management platform AID:Tech, and customer loyalty management platform Aqilliz.

The first batch of startups completed the program in July this year and reportedly raised over $12.2 million within three months. 

Major corporate backing

Since its launch last year, Tribe Accelerator has received support from government and corporate partners including insurance giant AXA, BMW Group Asia, Intel, business blockchain platform R3, Singapore's Infocomm Media Development Authority, Nielsen, Big Four auditor PwC and Temasek. Tribe Accelerator managing partner Ng Yi Ming said:

“The success of the inaugural batch far surpassed our initial expectations. By ensuring all parties are aligned with a common objective, it has greatly reduced information overlaps and made solution integration prompt.”

Citibank has already established a long track record with blockchain technology. As Cointelegraph reported in July 2015, the bank’s parent company Citigroup has developed three blockchains and a test cryptocurrency called “Citicoin” — which turned out to be no more than vaporware in hindsight.