Accelerator Boost VC CEO Adam Draper Believes 'Singapore is the Place for Bitcoin in Asia'

Published at: Oct. 25, 2014

As Singaporean Bitcoin startup CoinHako approaches demo day at accelerator Boost, Silicon Valley eyes Singapore as a Bitcoin hub.

CoinHako, the first Asian Bitcoin startup to be chosen to get accelerated in the Bitcoin accelerator program Boost VC, is already 12 weeks into the program, and rapidly approaches demo day.

Formerly CoinSupermart, the Singaporean startup was picked up by San Mateo-based startup accelerator Boost VC in late August, and is the first Bitcoin startup in Asia to integrate the program. Boost VC's pick of CoinHako demonstrates the Silicon Valley's growing interest in Singapore's dynamic Bitcoin ecosystem, reads the official announcement.

Boost VC CEO Adam Draper stated:

"Worldwide adoption is necessary for Bitcoin to succeed. And I believe Singapore is the place for Bitcoin in Asia."

Singapore's Bitcoin startup scene is burgeoning, notably because of the rather optimistic stand regulators have taken towards digital currencies. In early August, Monetary Authority of Singapore managing director Ravi Menon, said that "virtual currencies have a role to play," and reminded of the MAS's intentions to build a regulatory framework for digital currencies.

In June, cryptocurrency entrepreneurs gathered and formed a new body, the Association of Cryptocurrency Enterprises and Startups (ACCESS), which aims to facilitate Bitcoin's expansion in the city-state.

CoinHako co-founder Yusho Liu, who is also a founding member of ACCESS, wrote in an email communication: "We've been having great traction and have also been receiving much positive feedbacks from VCs, mentor and our very own users." He added: "Singapore has been on the radar of many Bitcoin companies here in the valley due to the positive outlook from the regulators."

As of today, Singapore is hosting more than 20 Bitcoin startups, from exchanges, POS, brokers and ATMs, continued the release.

Incorporated in early 2014, CoinHako is a Singapore-based Bitcoin exchange platform, which enables anyone in Singapore to buy and sell bitcoins within minutes.

Liu said CoinHako's goal is "to bridge the gap between different languages, bureaucracy, cultures and make Bitcoin frictionless and accessible to people in Asia."

Boost VC is a San Mateo-based startup accelerator that invests in 20-30 companies twice a year for three months, reads the website. The accelerator pledged to accelerate 100 Bitcoin companies until 2017 through its program, which consists in industry influencers, investors and mentors allotting time in helping building startups, as well as provide legal counseling and seed investment.

Boost VC was founded in 2012 by Adam Draper, a fourth generation venture investor and son of Timothy C. Draper, an investor best known for his winning of the auction of the 29,000 BTC seized from Silk Road.

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