What is Web3?
Web3 is the newest infrastructure of The Internet and one that is heavily linked to Blockchain Technology.
For those uninitiated, the term “Web3” was first popularised by Polkadot founder and Ethereum co-founder Gavin Wood back in 2014.
He referred to “Web3” as a “decentralized online ecosystem based on blockchain.”
It is the third generation of the World Wide Web, which is focused on decentralized and trustless systems, and aims to empower individuals to have more control over their data and online identity.
This is achieved through the use of blockchain technology, smart contracts, and decentralized apps (dApps).
Web3 intends to move away from the centralized, data-monopolizing architecture of Web2 and create a more equitable and open web.
Singapore, by and large, is an innovative country and has more often than not, shown to accept the advancement of technology.
The use of these new technologies is to improve governance, which will bring benefits to not only individuals in Singapore but also big companies and small companies.
As Web3 uses advanced technologies like blockchain to create efficiencies and reduce stalling factors, it is said to have several benefits to finance, banking, record-keeping, and many more.
Before Web3, there was Web 1.0 or “read-only” web from 1990-2004.
Web 2.0 or the “read-write” version has existed from 2004 until now.
Web3 itself is also known as “read-write-own”.
Web3 companies’ goals align with several factors such as decentralization, total ownership of the technology, and the scope of the technology like Artificial Intelligence (“AI”), machine learning (ML), blockchain-related, and IoT.
“Decentralized” means instead of large swathes of the internet controlled and owned by centralized entities (i.e., like your lovely government), ownership gets distributed amongst its builders and users.
With the internet evolving again, Singapore and Web3 go hand in hand as the country is ready for more technological growth.
About 9cv9
With over six years of startup and business experience, and being highly involved in connecting with thousands of companies and startups, the 9cv9 team has distilled important learning points into this overview of top Web3 companies and startups in Singapore.
Given the burgeoning interest in Web3, and the increased incorporation activities of such companies in recent years, we like to highlight a few of them in this article.
If you are a fellow Web3 and would like to nominate someone, do email us at [email protected] for us to consider.
Else, if you are hiring Blockchain tech talents, do have a read at our much-acclaimed guide on the top websites to hire the best blockchain and Web3 developers.
Top Web3 companies and startups in Singapore (Updated in 2023)
- Apollo
- Blockchain Worx
- Crypto.com
- DAOFAB
- DEFY Labs
- Enjin
- Gorilla Networks
- Layer C
- Loominate
- Mercle
- MetaLoka
- MetaPals
- Quadrant Protocol
- Ripple
- Switcheo Labs
- Web3Auth
Apollo (YC W22)
Apollo is a young and dynamic company that is part of Y Combinator’s W22 cohort.
With a mission to simplify and democratize access to cutting-edge technology, Apollo is making waves in the world of decentralized finance and Web3.
They offer a platform that brings together the best of traditional finance and the innovation of decentralized technology, allowing users to access a wide range of financial services in a user-friendly and accessible way.
Utilizing blockchain technology and smart contracts, Apollo is setting a new standard for financial services and providing users with more control over their assets and data.
They recently just launched their latest product, BizFirst, a Web3 Payments & Loyalty Infrastructure for Online Merchants & Business Owners.
With a focus on security, accessibility, and user experience, Apollo is poised to play a major role in the rapidly-evolving world of decentralized finance.
Learn more about them here.
Blockchain Worx
Blockchain Worx provides integrated DeFi (decentralized finance) platforms for Fintech and Regtech (regulation technology) startups through multiple blockchain systems.
This company creates “next-generation digital platforms and ventures” by primarily constructing costume systems on Ethereum, Hyperledger Fabric, and Quorum.
In 2019, an investment was made by Floyd Dosta, Narayan Neelakantan, and Sumantra Naik, 2 years after it was founded.
Blockchain Worx collaborates with famous names in technology and finance such as Oracle, PricewaterhouseCoopers, and Microsoft for Startups.
Read more about them here.
Crypto.com
Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo founded “Monaco” in 2016 and renamed the company Crypto.com in 2018.
Crypto.com is the fastest-growing global cryptocurrency platform as it serves more than 50 million customers.
It supports trading, staking, investing, NFTs, wallets, and more.
The company offers more than 250 different currencies along with reasonable fees and discounts for those who hold a significant stake in Crypto.com Coin or CRO.
There are pros and cons of Crypto.com. The pros are, it has an extensive list of supported cryptocurrencies, support for an ecosystem of cryptocurrency products, and transparency (competitive fees with discounts available).
The cons are they have higher fees unless users hold and use CRO, don’t provide good customer support, and the trading fee discounts can be confusing to use.
Read more about them here.
DAOFAB
Based on the company, DAOFAB’s vision is to provide businesses with transaction assurance and efficiency by leveraging programmable money.
Their mission is to create an end-to-end, non-custodial, interest-bearing digital escrow blockchain network that enables the movement of value to be more efficient, transparent, and accessible for all businesses.
With a focus on non-custodial solutions, DAOFAB aims to create a secure and user-friendly platform that streamlines the flow of value and provides businesses with greater control and visibility over their transactions.
By leveraging the latest advancements in blockchain technology, DAOFAB is poised to lead the way in transforming the traditional financial landscape and enabling businesses of all sizes to thrive in a decentralized economy.
Learn about them here.
DEFY Labs
DEFY Labs is the company behind DEFY, a move-and-earn mobile game built on the Polygon blockchain.
Immersing players in a metaverse that bridges the virtual and physical worlds, DEFY utilizes Augmented Reality (AR), algorithmically generated geolocations, and hyper-casual code-breaking gameplay that has no geographic boundaries.
Defy Labs is changing the game and helping organizations and individuals take advantage of the benefits of Web3.
Find out more about them here.
Did you know that Defy Labs use 9cv9 Blockchain and Web3 headhunting and recruitment services to hire top tech talents?
Read more about the success story of how 9cv9 helped to hire top tech talents for DEFY Labs.
Enjin
A small, barely funded company entered the merciless game industry in 2009. Since then, Enjin has been deeply involved with the gaming industry.
Almost a decade later, the company became the biggest social gaming platform in the world.
It has over 19 million users spread out in more than a quarter of a million gaming communities and processing millions of USD every month.
Enjin is a web-based universal blockchain explorer. It is built to focus on user experience, speed, and ease of use. Its platform’s underlying technology powers an entire ecosystem for NFTs, gaming, and app distribution.
The company raised $18.9 million with its 2017 initial coin offering or ICO and launched ENJ in 2018.
Enjin Coin or ENJ is an ERC20 token that’s traded on the Ethereum blockchain. Every token minted with Enjin is backed up directly by ENJ, the platform’s token.
This allows users to access in-game items and opens up to new possibilities in the crypto-powered blockchain gaming world.
Read more about them here.
Gorilla Networks
Gorilla Networks Pte Ltd is a next-generation mobile-finance telco and the world’s first telco in Metaverse.
It provides seamless mobile connectivity and solutions to mobile finance problems.
Users can use, save, share, and spend mobile data as digital assets with anyone right away from their mobile phone.
This company is a pioneer in merging mobile finance service and telecommunication into a universal consumer-centric offering and application that is accessible in any location through any network and any device.
Read more about them here.
Layer C
Layer C is a web3 native e-commerce and loyalty platform, which enables you to launch a Web3 store for your community in minutes.
Their platform features a user-friendly interface and a suite of tools and services to support organizations in their journey towards decentralization, including decentralized identity, access management, and data privacy solutions.
Utilizing the latest advancements in blockchain and cryptography, Layer C provides a secure and efficient way for businesses and individuals to create a Web3 store.
Find out more about them here.
Did you know that Layer C has been using 9cv9’s blockchain and web3 headhunting and hiring services to acquire top tech talents?
Read more about their testimonial of 9cv9 tech headhunting services here.
Loominate
Singapore-based Loominate.app is the first platform of its kind to integrate web3 solutions and principles into an enterprise solution.
The startup aims to tackle the fear of speaking up, toxic culture, and disengagement through decentralized voting, tokenization of employee experience, and a bottom-up driven rewards system modeled after web3 communities.
After building in stealth mode in the last year, Loominate has launched with over 10 pilot organizations from the aviation, advertising, retail, blockchain, and telecommunication sectors.
Loominate currently partners with Polygon and various blockchain partners to bring to life its native GOOD Token and Wallet in the future phases of the launch.
Loominate looks forward to developing a global network of web3 partners, and beta testers and bringing corporate enterprises into the Web3 space through a purposeful and user-friendly interface.
Learn more about them here.
And if you are keen to hire some tech talents to build your app on Polygon or other blockchain infrastructure, Loominate has been a proud client of 9cv9 Blockchain Hiring solutions as well. Read more about their review of 9cv9 below.
Mercle
According to Mercle, they see the contributor journey of the Decentralized Autonomous Organization (“DAO), in different modules: Onboarding, Engagement, and Rewarding.
Hence, they are starting to create different templates for DAO creation and contributor onboarding as the primary use case (for new/existing contributors).
In the longer term, they are positioning it to become a default solution to manage contributors.
Learn more about them here.
MetaLoka
Since Facebook’s Mark Zuckerberg announced that the company was putting all of its money into Metaverse, the virtual world has been buzzing.
What is Metaverse?
Metaverse is a virtual world that mimics aspects of the physical world using advanced technologies such as virtual reality (VR), augmented reality (AR), artificial intelligence (AI), social media, and digital currencies.
A platform for augmented reality like Metaverse allows users to build creativity and interactive experience that will combine both the virtual world and the real world. Metaverse can be considered a virtual version of the idea of cyberspace.
The Singaporean startup, Metaloka, is taking advantage of the hype and has caught the interest of high-profile investors such as Herbert Sim, known as “The Bitcoin Man”.
With Mr. Sim’s funding and advice, the augmented and virtual reality startups will be able to grow their platform and continue to build their immersive play-to-earn game.
The first iteration of the game launching in Q2 of 2022. This time-traveling virtual environment will take benefit from Web3 technology and the rising popularity of NFT-based gaming.
Find out more about them here.
MetaPals
MetaPals is a Chrome browser extension for users to grow and interact with their NFT pets directly from their browser computer screen.
A Metapal can speak via emojis, interact with elements of a webpage, and play page-specific minigames with the user.
It is inspired by Tamagotchi. Metapals.net designed Metapals to have unique personalities and it requires time to learn, grow, and develop good or even bad behaviors just like a real pet.
Learn more about the cute pets they are having here.
Quadrant Protocol
Quadrant is a blockchain-based protocol that enables the creation, distribution, and access of data products and services with provenance and authenticity as its core.
The data economy is unmapped and chaotic, similar to space. The startups enable data vendors to sell their data with the use of Data Smart Contracts by providing the infrastructure that facilitates the transparent exchange of Data-as-a-Service and AI services between organizations.
Because Quadrant Protocol is built with Ethereum, it combines the powerful capabilities of blockchain with new innovations developed by the team to stamp and map disparate data sets.
Find out more about them here.
Ripple
Ripple is a leading provider of blockchain-based financial solutions, based in San Francisco and Singapore.
With a mission to revolutionize the traditional financial system and make cross-border payments faster, cheaper, and more transparent, Ripple has established itself as a leader in the world of Web3.
Their platform offers a variety of tools and services for financial institutions, including real-time cross-border payments, digital asset exchange, and a decentralized network for interbank transactions.
Ripple’s technology leverages blockchain and digital assets to provide a secure, efficient, and scalable solution for global payments.
By bringing together the best of traditional finance and decentralized technology, Ripple is changing the way money moves and creating a more connected and inclusive financial world.
Learn more about them here.
Switcheo Labs
According to the company, Switcheo Labs is an experimental think tank that combines the brightest minds with a cutting-edge software development lab.
They focus on nurturing ecosystems that are forming the foundation of a new, decentralized world – one that thrives even without trust.
Impressively, they have bootstrapped multiple ecosystems.
- Carbon – A cross-chain protocol that acts as a building block for DeFi
- ZilSwap – The home of Zilliqa, providing all of Zilliqa’s core DeFi, NFT, and metaverse infrastructure
and more.
Learn more about them here.
Web3Auth
Web3Auth is a cutting-edge company based in Singapore that provides innovative solutions for digital identity management.
Utilizing the latest advancements in Web3 technology, they offer decentralized, secure, and user-centric authentication services.
With a focus on empowering individuals to control and protect their online identity, Web3Auth aims to revolutionize the way we interact with the digital world.
Their mission is to create a more equitable and open web, where users have full control over their personal information and privacy.
According to them, their company is “funded by companies like Binance, Coinbase, Multicoin, and other VCs in the fintech/blockchain space.” Thus, it seems like they are onto something big and promising.
By leveraging blockchain technology and smart contracts, Web3Auth is set to play a key role in shaping the future of digital identity.
Find out more about them here.
Conclusion
Web3 is the future of the internet not only in Singapore but also around the world. Web3 is not only about one thing, but it is about everything that has a connection with blockchain technology.
In the upcoming years, as the world we live in keep moving forward into the world of technology, we will be more used to the word Web3 and blockchain.
After reading this article, what do you think about web3 and blockchain?
Did you find the blockchain technology industry interesting?
If you find this article useful, why not share it among your Blockchain and Web3 friends and network, and also leave a nice comment below?
We at 9cv9 Research Team strive to bring the latest and most meaningful data, guide, and statistics to your doorstep.
Sources:
https://www.rd.com/article/what-is-web3/
https://www.nytimes.com/interactive/2022/03/18/technology/web3-definition-internet.html
https://techcollectivesea.com/2022/07/21/blockchain-startups-singapore-web3/
https://www.investopedia.com/crypto-com-review-5209370
https://metaverseinsider.tech/2022/07/21/25-of-the-worlds-top-web3-companies-in-2022/#What_is_Web3
https://blockchainmagazine.net/top-5-blockchain-startups-in-singapore-in-2022/ https://e27.co/27-web3-startups-in-singapore-that-deserve-your-attention-20220520/
