Algorand Foundation and Blockchain Association Singapore (BAS) Enter Partnership to Drive Blockchain Development in Singapore and the Region

(Left to right) Chia Hock Lai, co-chairman of Blockchain Association Singapore and Jason Lee, chief operating officer of the Algorand Foundation (Image: Blockchain Association Singapore)

  • The Ecosystem Partnership the Algorand Foundation and Blockchain Association Singapore was inked during the annual SG Blockchain Day 2021 conference, held during SFF 2021 
  • Algorand Foundation amplifies its commitment to its presence in Singapore, focusing on driving awareness, support application development, and the exploration of opportunities for innovation in the blockchain ecosystem 
  • Partnership with BAS will complement current activities such as the Algorand Centres of Excellence Programme and the US$300 Million Viridis Fund.

Singapore, 12th November 2021 - The Algorand Foundation, a Singapore-based leading blockchain organisation dedicated to fulfilling the global promise of Algorand’s unique, Pure Proof-of-Stake, blockchain technology, today announced an Ecosystem Partnership with the Blockchain Association Singapore (BAS) through the signing of a Memorandum of Understanding (MOU) at the annual SG Blockchain Day 2021 conference held during SFF 2021. BAS will join other established organisations such as Women Who Code, Africa Blockchain Institute and the World Economic Forum in Algorand Foundation’s growing list of ecosystem partners. This commitment is in line with the Algorand Foundation’s recent set up of their Southeast Asian office in Singapore.

Through this collaboration, the Algorand Foundation intends to play its part in the local and regional blockchain ecosystem, to drive the promotion of blockchain awareness, applications, and exploration of future development opportunities. This partnership will also see both organisations’ harness each other’s experience and network within the industry, foster greater collaboration for the advancement of blockchain technology. Both parties aim to stimulate growth for the blockchain community through greater understanding of the Algorand protocol, while also contributing opportunities to enhance the local and regional digital economy as a whole. The Algorand Foundation’s Chief Operating Officer, Jason Lee, also delivered the opening keynote titled ‘The Future is Now: What is Next For Blockchain’ earlier today during the SG Blockchain Day 2021. The conference featured speakers across the industry, including Ethereum, Ripple, IBM, Standard Chartered Bank, Oliver Wyman, Fireblocks, Blockchain Australia, Nansen, Chainalysis, RegTank, NTUC e2i and many more.

This partnership with BAS will also complement the Foundation’s current activities such as the Algorand Centres of Excellence Programme, a university engagement initiative which focuses on building long-term partnerships to drive growth in blockchain technology awareness and knowledge, while encouraging innovation with blockchain-related applications and innovations. This is on top of a US$300 Million Viridis Fund recently launched by the Foundation to support Decentralised Finance (DeFi) Innovation and accelerate its adoption across the Algorand network while fueling the growth of decentralised exchanges, money markets, options markets, synthetic asset applications, and NFT platforms. 

Commenting on the partnership and MOU signing with BAS, Jason Lee, Chief Operating Officer of the Algorand Foundation said, “We are honoured to be able to play our part through this partnership to drive the development of blockchain technology within Singapore and the region. We look forward to leveraging on the extensive network that BAS has built up for mutual sharing of knowledge and information for the progression of the blockchain industry. We are looking forward to the road ahead as we work hand in hand with BAS and its members as we move toward a sustainable industry, built on next generation blockchains, such as Algorand.”

The global blockchain ecosystem is poised for even greater growth, as the blockchain market is slated to reach a valuation of US$39.7 billion by 2025 [1]. Countries within the Southeast Asian region have also been noted to step up interest and research in blockchain technology. Singapore has also announced a S12 million investment in blockchain research in 2020 through the Singapore Blockchain Innovation Programme to fortify Singapore’s blockchain ecosystem [2]. Although blockchain technology still is relatively nascent in the region, established industry players such as the Algorand Foundation can play their part in the development of the regional blockchain ecosystem. 

“As a leading player in the industry globally, our aim is to foster good practices, nurture talent in new markets and work closely with the ecosystem as a whole, be it through our grants, accelerator, or educational programmes. We believe that blockchain technology is the future, and we are wholly dedicated in our pursuit to aid its advancement in whichever way we can,” added Lee. 

Chia Hock Lai, Co-Chairman of BAS, commented, “We are grateful to have been given this opportunity to work with an industry leader like the Algorand Foundation to accelerate blockchain innovation and acceptance in this region. We believe that our network and greater blockchain ecosystem will benefit from the foundation’s vast experience and research in blockchain related matters. This collaboration further cements our resolve to cultivate and foster a robust local blockchain ecosystem.”

With the establishment of this partnership, the Algorand Foundation will also officially expand its operations to Singapore, and will also work towards expanding its presence here through hiring personnel for project management and technical development roles. 

[1]https://www.marketsandmarkets.com/Market-Reports/blockchain-technology-market-90100890.html.

[2]https://www.enterprisesg.gov.sg/-/media/esg/files/media-centre/media-releases/2020/dec-2020/media-release—singapore-invests-12-million-in-first-national-effort-to-expand-blockchain-technology-research.pdf?la=en