IBM, Citibank and Ubisoft partner with Singaporean blockchain accelerator

IBM, Citibank, and Ubisoft have partnered with Tribe Accelerator, a blockchain accelerator backed by the Singaporean government, for the second round of its four-month program, according to a report by the Straits Times yesterday.

The accelerator connects early-stage blockchain start-ups with leading corporations. IBM, Citibank and Ubisoft join the ranks of companies already on board including BMW Group Asia, Intel, and PwC. 

The first iteration of the program saw companies raise $12.1 million in three months. The second cohort, according to the report, will include companies from media, advertising, healthcare, cybersecurity, fintech and supply-chain management.

Start-ups include Torus, a digital identity and password management company backed by Binance; AID:Tech, an Irish company that delivers remittances and aid using blockchain technology; and Aquilliz, a platform whereby companies can manage customer loyalty initiatives.

According to a report by PwC this September, Asia’s crypto scene is booming, whereas the US has struggled to find its feet. In the first quarter of 2019, the number of crypto deals forged in the US crypto dropped 19 percent compared to the same time in 2018, from 60 percent to 41 percent. By comparison, the number of crypto deals forged in Asia increased by seven percent, from 15 percent in 2018 to 22 percent in 2019. 

Can this accelerator help to continue the trend?