Crypto is on the move in Singapore, as shown by the Henley Crypto Adoption Index 2024. Released in August 2024 by investment migration consultancy firm Henley & Partners, the index found that the Southeast Asian nation now leads the way for global cryptocurrency adoption. It's clear to see why.
The Monetary Authority of Singapore has rolled out measured regulation to govern service providers and protect crypto users. That includes expanding the Payment Services Act during April 2024 to now regulate digital asset custody services, payments or transfers of tokens, and cross-border money transfers. This progressive regulatory environment is partly why OKX pursued and earned our Major Payment Institution (MPI) license from the MSA during September 2024. Now, we're actively supporting the growth of the nation's crypto scene in a secure and transparent way.
What's more, as the Henley & Partners index spotlights, Singapore has embraced crypto technology and innovation, encouraged by a crypto-friendly environment and the eagerness of users to adopt transformative new tools.
What are the companies behind these tools? Which Singapore-based crypto projects are busy transforming the way we create, communicate, and trade? Read on as we walk you through five top crypto projects in Singapore to watch.
Aethir
Aethir delivers distributed cloud compute infrastructure to provide clients with superior architecture to build their projects upon. The company equips clients across 23 countries with cost-effective enterprise-grade graphics processing units (GPU). To date, Aethir has delivered more than $400 million worth of compute capacity with a reported 99.99% uptime from its infrastructure.
Significantly, Aethir's efforts aim to address what it calls the "AI wealth gap", where big tech companies have outsized control over artificial intelligence (AI). Why? Simply because they can afford access to the massive GPU resources required for advanced AI applications. And as the world moves towards artificial general intelligence (AGI), this problem is expected to intensify.
Aethir aims to address the issue through a distributed network that aggregates enterprise-grade GPU chips into a single global network. With a focus on sectors of AI, gaming, and virtualized compute, Aethir provides on-demand access to cloud compute resources using DePIN technology.
Put simply, through its distributed network and by enabling decentralized ownership, Aethir is helping to create a more equitable future for GPU access from its Singapore hub.
Nansen
Onchain data analytics platform Nansen has attracted an impressive client base in Singapore and beyond that includes Polygon, OpenSea, and Avalanche. These major crypto players and others capitalize on the deep insights Nansen provides into blockchain data.
The project’s offering includes a no-code data analytics platform that gives visibility to onchain activities, including those from more than 300 million labeled addresses. A customizable dashboard and numerous filters allow users to focus on the insights most relevant to their project. Meanwhile, Nansen's application programming interface supports various use cases, including portfolio management, decentralized application user experience, trading strategies, and business intelligence.
Nansen claims to give access to data no other platform can provide. That's a powerful edge given the colossal volume of information created every minute across the crypto ecosystem, and the powerful insights found within it.
Paradigm
Paradigm helps deliver all-important liquidity for derivatives as the largest institutional liquidity network in crypto. The platform provides on-demand liquidity at different size and risk levels, so traders can execute their strategies.
More than 20 Prime Dealers operate on the platform as market makers, and they've helped Paradigm provide access to more than $443 billion in cumulative lifetime volume. More specifically, Paradigm's offering includes on-demand auctions via request for quote, plus complex order books for any instrument or strategy. Streaming order books are also available for trading various Delta-1 spreads, while users can also bid for DeFi (decentralized finance) option vault options, allowing them to stake assets and generate returns. Notably, Paradigm is integrated with numerous centralized exchanges and DeFi protocols and blockchains, allowing users to settle via their preferred platform.
By supporting the creation of liquidity, Paradigm is doing its bit to not only stabilize the crypto market but encourage wider adoption by connecting buyers and sellers.
Particle Network
Particle Network addresses a pressing challenge that's arisen from the growth of crypto at large — fragmentation. The Layer-1 project unifies all blockchains through its User Accounts technology, solving user and liquidity fragmentation. With Particle Network, users can maintain a single balance and account as they execute transactions across chains.
In this environment, Particle Network acts as the central hub, responsible for coordinating Universal Account deployments and updates across chains. A decentralized messaging network supports fast and secure cross-chain transactions, while aggregated data availability further improves performance and availability through redundancy. Modular chain abstraction is a key feature of the Particle Network. With it, developers can create the best possible user experience through wallet, gas, and liquidity abstraction — unifying these fundamental factors and supporting interoperability.
Particle Network looks set to continue supporting developers and users in Singapore and beyond with a growing modular blockchain environment. Today, the ecosystem comprises more than 70 chains and 5,000 DApps.
zkLink
Like Particle Network, zkLink tackles the complexities brought by crypto's growing web of blockchain networks. The latter project, however, seeks to address fragmentation by simplifying multichain liquidity. zkLink has created an aggregated rollup infrastructure that combines liquidity from Layer-1 blockchains and Layer-2 rollups. By also simplifying how systems talk to each other, zkLink makes it easier for users to access and trade assets across chains. The two key cogs in this machine are zkLink Nova and zkLink X.
zkLink Nova is responsible for aggregating assets across Layer-2 rollups, while zkLink X aggregates assets from Layer-1 blockchains. The result is faster trading across networks with lower costs.
One other important component of zkLink's operations is compatibility with the Ethereum Virtual Machine (EVM). This allows developers to write and execute smart contract code across different EVM chains without requiring adjustments to the code. Meanwhile, a modular design enables developers to customize the network's infrastructure to suit their needs, supporting a wide variety of use cases for zkLink.
The final word
Asia is arguably leading the way for crypto adoption, and Singapore continues to encourage further growth for our industry across the continent. That's not only in trading, but also the impressive variety of inventive and transformative Web3 projects that now call Singapore home.
Interested in learning more about the crypto projects driving growth in other key world markets for digital assets? Check out our guides to major crypto projects in the Netherlands and Australia to learn more.
FAQs
Yes, crypto trading is legal in Singapore through licensed providers. A formal regulatory structure exists in the country to govern service providers and protect users. However, we always recommend trading with caution by doing your own research, adopting risk management tools, and never trading with more than you can afford to lose.
There's no such thing as a 'safer' country to trade crypto in because the risks remain the same whatever jurisdiction you're in. Crypto trading is carefully regulated in Singapore to protect you, but you must also be aware of the risks involved and alert to common crypto scams to also protect yourself.
As a beginner trader, education is fundamental. We recommend getting started with demo trading, where you can familiarize yourself with your chosen trading platform, apply technical analysis, and learn without using real money. It's also wise to understand risk management approaches and self-custody of your assets, so you can retain control and protect your funds. OKX provides a simple demo trading platform that you can access today.
Many people consider Singapore to be a leader for cryptocurrency adoption because of its favorable regulatory environment. Meanwhile, many major exchanges are licensed to operate in the country, including OKX. Various Web3 projects also call Singapore home, as they work to advance the industry's infrastructure and help open the door to wider adoption.
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