Why We “Buidl” in Singapore
As cryptocurrency continues to be an important global industry, Singapore has at least kept up with solidifying its status as a global leader in cryptocurrency adoption and innovation, buoyed by its innovative ecosystem and supportive government policies.
The city-state ranks highly on multiple crypto-adoption indexes, and ranks first in public adoption, regulatory environment, and tax friendliness in the Henley crypto Adoption index.
Additionally, with agencies like the Monetary Authority of Singapore (MAS) providing clear guidelines, businesses in the blockchain and decentralized technology space find ample room to experiment and thrive. In addition, Singapore’s strategic location in the heart of Asia, coupled with its world-class financial ecosystem and talent pool, makes it an attractive launchpad for startups aiming to scale across the region.
Given these factors, Singapore has been labeled as a “crypto-friendly” hub for both investors and builders in the digital asset industry, and has become an attractive hub for both startups and established Web3 companies, especally in South-East Asia.
Singapore, Hub for Digital Asset Innovation
Aside from traditional crypto adoption indexes, certain global Web3 companies have also decided to either headquarter or establish a strong presence in Singapore as a result of the nation’s “crypto-friendly” nature.
CRYPTO.COM: Thriving Web3 Community
Crypto.com is a leading cryptocurrency exchange and financial services platform, offering a wide range of products such as trading, payments, and lending solutions, with over 80 million users worldwide (as reported in 2023).
Headquartered in Singapore, the company benefits from the city-state’s robust regulatory framework, pro-business environment, and global connectivity, which together create a stable launching pad for expanding its services worldwide.
“Singapore has cultivated a thriving Web3 community that fosters collaboration and innovation. Numerous meetups, conferences, and networking events bring together developers, entrepreneurs, and investors, creating an ecosystem that encourages knowledge sharing and partnerships. We are proud to be part of this vibrant community, and work together to build a responsible and innovative Web3 ecosystem in Singapore”
Eric Anziani
President and COO
EMURGO: The Monetary Authority of Singapore’s Commitment
As one of the core organizations behind the Cardano blockchain, Emurgo has played a pivotal role in Cardano’s development, helping the network become a top-ten cryptocurrency by market capitalization. By focusing on investments and collaborations, Emurgo supports blockchain-based solutions across industries.
Singapore’s forward-thinking policies on emerging technologies further bolster Emurgo’s mission to grow and enhance the Cardano ecosystem.
“The strength of Singapore’s regulatory framework lies in its balance. The Monetary Authority of Singapore’s commitment to a consultative approach ensures that regulations evolve alongside industry growth. This forward-thinking mindset distinguishes Singapore as a jurisdiction that not only understands digital assets but actively facilitates their responsible development.”
Nikhil Joshi
COO
NANSEN: East Meets West
Nansen is a leading blockchain analytics platform that provides real-time insights into on-chain data, helping users identify market trends, track large transactions, and gauge portfolio performance. It has raised substantial capital ($88.2M) from top-tier venture capital firms (such as a16z), in 3 rounds.
Choosing Singapore as a base reflects Nansen’s desire to be at the center of a melting pot in hopes to utilize the unique amalgamation of ideas in order to continue to be the global go-to resource for on-chain analytical behaviors.
“Singapore is a place where East meets West, tech meets finance, and where the public sector meets private sector in productive ways. Overall it’s a good place to do business.”
Alex Svanevik
Co-Founder, CEO
These success stories underscore Singapore’s effectiveness in welcoming global Web3 companies, thanks to its progressive regulatory framework and thriving local community.
However, these private-sector achievements don’t stand alone.
Instead, they reflect a broader partnership inside Singapore’s ecosystem in which both public policies and private initiatives reinforce each other’s growth.
This relationship is precisely what propels Singapore toward its vision of becoming a leading international hub for Web3 innovation.
A Symbiotic Partnership Between Public and Private Sectors in Singapore
Singapore’s remarkable ascent as a global Web3 hub is rooted in the synergistic efforts of its public and private sectors, creating an environment that is both innovative and sustainable. On one hand, the private sector, led by pioneering Web3 companies, has established a dynamic ecosystem mostly composed of infrastructure and yield-focused DeFi projects.
These are then supported by globally recognized VCs, incubators, and market makers, who also benefit from a robust network that fosters growth, liquidity, and global reach.
“Strong partnership between public and private sectors is critical in continuing this growth trajectory. We hope to see continued investment in regulatory and supervisory resources, as well as support for Web3 businesses looking to develop both human and tech capabilities in compliance and risk management. TRM is privileged to be able to do our bit, working with GFTN, as well as Crypto.com and Amazon, on the inaugural Blockchain Guardians Programme to expose Singapore tertiary students to careers in digital asset compliance via mentorship and immersion.”
Angela Ang
Head of Policy and Strategic Partnerships,
APAC, TRM Labs
On the other hand, the Monetary Authority of Singapore (MAS) plays a pivotal role in setting the stage for this innovation through progressive regulations and recent initiatives; these then highlight MAS's commitment to leveraging blockchain infrastructure while adopting a bottom-up approach to industry growth.
Together, the public and private sectors form a cohesive partnership that strengthens Singapore’s position as a global leader in Web3 innovation.
By combining the agility and creativity of Web3 companies with the structured support and vision of MAS, Singapore continues to attract ambitious builders and forward-looking projects, making it one of the most compelling destinations for Web3 development worldwide.
Initiatives by the Monetary Authority of Singapore
Besides driving the regulatory framework, the MAS has also taken on several initiatives to explore the use of blockchain and Distributed Ledger Technology (DLT). Encouragingly, these initiatives are being done in collaboration with industry leaders, including Fazz Financial Group, a digital financial service group, and issues of Singapore Dollar-backed stablecoin xSGD. The collaborative efforts show commitment to growing alongside the local industry with a bottom-up approach.
In terms of institutional DeFi participation, the MAS is making strides with its initiatives, most notably: Project Ubin +, Project Guardian, Project Orchid, and Project Mandala.
Project Ubin
Project Ubin+ is Singapore's latest initiative in the development of wholesale central bank digital currencies (wCBDCs), building on the success of Project Ubin (2016-2020) and lessons from international collaborations like Project Dunbar and partnerships with the Banque de France.
Project Ubin+ is still in progress, with some trials completed and others underway. MAS's efforts in wCBDCs aim to create a robust financial infrastructure for future global and domestic financial needs.
Project Guardian
Project Guardian is an initiative by the Monetary Authority of Singapore (MAS) that explores the application of decentralized finance (DeFi) in regulated financial markets, marking a significant effort to bridge the gap between traditional finance and blockchain technology.
The project aims to test the feasibility of using DeFi protocols for wholesale funding, asset tokenization, and smart contracts while ensuring compliance with existing financial regulations.
JP Morgan played a key role by helping to execute tokenized trades and settlements on public blockchain networks, along with 24 members that included large banks and asset managers such as DBS Bank, and S&P Global.
Project Orchid
Project Orchid represents Singapore's venture into exploring retail central bank digital currencies (CBDCs), inaugurated by the Monetary Authority of Singapore (MAS) in late 2022.
While the MAS has predominantly concentrated on wholesale CBDCs, Project Orchid is a comprehensive, long-term initiative aimed at developing the infrastructure and technological competencies required for a retail CBDC. The initial phase of this project delves into the concept of Purpose Bound Money (PBM), where digital currency is programmed with specific conditions for use.
Grab, a Singapore-based super app, played a crucial role in the trial phase by testing the use of CBDCs within its app for everyday services like rides and food delivery. This trial helped assess how retail CBDCs could be seamlessly integrated into existing digital platforms, making them accessible for everyday transactions
.Future trials will include Programmable Rewards and Online Commerce, with additional focus on integrating digital wallets, ensuring privacy, and enabling offline payments. These efforts aim to build a flexible retail CBDC infrastructure to support both government and commercial objectives.
Phase I of Project Orchid features several real-world trials:
- Government Vouchers: Simplifying the management of government voucher campaigns.
- Commercial Vouchers: Addressing challenges with traditional commercial vouchers.
- Government Payouts: Using facial recognition at ATMs for government payouts, targeting unbanked individuals.
- Managed Learning Accounts: Using smart contracts to streamline government grant redemptions and prevent fraudulent claims.
Project Mandala
Project Mandala is a proof-of-concept initiative launched to tackle the complexities of cross-border compliance, focused on embedding jurisdiction-specific regulatory requirements into a common protocol to facilitate smoother international transactions like foreign direct investment, borrowing, and payments.
It also aims to address key challenges identified during Project Dunbar, which developed an experimental multiple central bank digital currency (mCBDC) platform.
The project is a collaboration: the Bank for International Settlements (BIS) Innovation Hub Singapore Centre, in collaboration with the Monetary Authority of Singapore (MAS), the Reserve Bank of Australia (RBA), the Bank of Korea (BOK), and Bank Negara Malaysia (BNM).
At its core, Project Mandala employs a compliance-by-design approach, aiming to automate the regulatory processes that often hinder cross-border transactions, thereby reducing costs, enhancing speed, and improving transparency.
Looking forward, future phases of Project Mandala could consider technical aspects and legal liability considerations, while taking into account the cost and speed of such solutions within a banking environment.
Phase I of Project Mandala has already yielded significant insights:
- Cross-Border Lending: A trial between Singapore and Malaysia examined how the protocol could streamline compliance for lending across borders, including the automation of mandatory reporting and sanctions screening.
- Capital Investment: Another use case between Korea and Australia looked at streamlining the compliance processes for capital investments, focusing on real-time monitoring and reporting to regulatory bodies.
- Automation of Compliance: By pre-validating transactions according to diverse regulatory frameworks, the project significantly cuts down on processing times and reduces errors associated with manual compliance checks.
- Real-Time Regulatory Monitoring: Providing central banks and other supervisory authorities with real-time data, enhancing their ability to oversee international financial flows.
Innovation, Entrepreneurship, Funding
As Singapore continues to push boundaries in Web3 innovation, bolstered by an ecosystem that champions entrepreneurship, fosters innovation, and provides ample funding opportunities. In this section, we choose to look at “Innovation, Entrepreneurship & Funding” from the Growth Generators’ perspective, and celebrate their milestones.
The Growth Generators: Venture Capital Firms
A discussion on Innovation and Entrepreneurship cannot be had without a mention of the golden enablers of growth, Venture Capital firms. VCs offer not only capital but also strategic guidance, networks, and industry expertise, all of which are crucial for turning innovative ideas into successful businesses in a competitive landscape.
Singapore-based Funds
While a decentralised industry merits that funds can and will invest outside of Singapore, the presence of local funds offers immediate access to capital, the availability of local funding in Singapore provides immediate access to capital, an understanding of local market nuances, including regulatory compliance, and fosters enduring partnerships that contribute to regional economic development.
According to data from SG Builders, there are 30 Venture Capital firms based in Singapore, including Singaporean-founded Defiance Capital and Singapore Headquartered USD Amber Group.
DeFiance Capital
“Singapore is a great place to run an investment management business, even more so when coupled with the network effect of having many people in the industry located here. It excels in being the startup hub of Southeast Asia, many leading application layer teams have major presence here such as Jupiter, Kyber Network, Pendle, to infrastructure layer like AltLayer, Ethereum Foundation also have significant presence here. It is also a big hub in Asia for global crypto companies like Coinbase, Fireblocks, Kraken, OKX, Bybit.”
Arthur Cheong
Founder, CEO, CIO
Ocular
“When choosing the location for their headquarters, web3 companies typically consider four key factors: 1. Availability of capital for web3 initiatives; 2. Clear and reliable web3 regulatory framework; 3. Strong web3 talent pipeline; and 4. A thriving and supportive web3 community.
Singapore has thus far excelled in all four areas, making it an appealing destination for web3 companies, including Ocular. To maintain its attractiveness, Singapore must remain competitive in these four areas, especially given the increasing regional and global competition.”
Amy Zhao
Executive Director
Caladan
“While the company has deep roots in high-frequency trading (HFT) and traditional financial markets, our team is fundamentally crypto-native. This gives us a significant edge over competitors who primarily focus on Web2 or attempt to balance both Web2 and Web3 approaches.
Our deep ties within the Web3 ecosystem create strong network effects that amplify our strategic advantages. We have built long-standing relationships with key players across the DeFi space, blockchain infrastructure projects, and emerging Web3 platforms. These connections provide us with valuable insights and early access to opportunities, allowing us to navigate the inherent risks of the Web3 market more effectively.”
Stephany Zoo
Head of Ecosystem, Caladan
Spartan Labs
“Web3 is by far the best use of both our time and capital. It’s the most interesting sector to work in and has the best potential returns.
We originally went into it because it was the most interesting intersection of technology and finance. It’s a technology that’s financialised much more than any other, and allows experienced bankers like us to add the most value / be impactful, whereas in more typical tech sectors, the engineers dominate”
Casper Johansen
Partner & Co-Founder
Funds raised by Singapore-based Companies
Although Web3 funding in Singapore faced challenges in securing substantial capital investments compared to the Fintech sector in 2023, the interest from investors in funding Web3 projects continued to be robust. Notably, the ratio of deals in Crypto to Fintech maintained a strong 68.12%, surpassing the 2021 figure of 60.00%.
In H1 2024, Fintech attracted USD$1.16B over 83 deals, reflecting a healthy, sustained funding environment across the wider industry.
Web3 demonstrated resilience by drawing investments totaling USD$742 million, representing 64% of the capital invested in the Fintech sector during the same period. An important observation is that the count of Web3 companies that secured funding was nearly equivalent to that in the Fintech industry
As a result of this consistent growth and resiliency, there has been a significant impact into the quantity and diversity of Web3 projects that have been blossoming locally.
Given what we know of the Singaporean ecosystem at this stage, let’s take a deeper dive in understanding the different types of projects that have grown from such opportunities.
Singapore, the “Crypto-Friendly” Hub
Singapore’s Web3 ecosystem shows focus on Infrastructure, DeFi
From these results, Singapore’s Web3 ecosystem places a premium on foundational technologies—developer tools, blockchain networks, security frameworks, and more.
This mirrors Singapore’s broader Fintech orientation toward building robust “backbone” services and reflects a strategic approach: by strengthening core infrastructure, other sub-sectors can scale more effectively.
infrastructure
Singapore's Web3 infrastructure forms a critical foundation for decentralized application (dApp) development, prioritizing robust, scalable, and secure platforms. This focus, coupled with advanced development tools and active blockchain projects (including Layer 1 and 2 solutions), is driving innovation in decentralized finance (DeFi). Furthermore, data analytics and integrated payment/custody solutions that bridge traditional finance with the Web3 ecosystem solidify Singapore's position as a leading Web3 innovation hub.
Buildbear creates automated testing environments tailored for Web3 developers. These private sandboxes accelerate the time-to-deployment by providing a controlled space for automated and thorough testing, a necessity for onchain applications.
The company’s emphasis on developer tooling has led to recognition in various Web3-focused accelerator programs. This momentum has attracted seed or pre-seed funding (often from crypto-native VCs) dedicated to scaling Buildbear’s platform, with a portion of these funds allocated to supporting open-source developer initiatives.
SafeHeron delivers enterprise-grade self-custody and MPC privatization solutions, securing digital assets with unparalleled security measures. Their compliant, scalable infrastructure is crucial for businesses, enabling seamless daily operations without the burden of security concerns.
A key milestone for SafeHeron has been onboarding institutional clients, including crypto exchanges, DeFi projects, and even traditional finance entities exploring digital assets. In many cases, SafeHeron has collaborated with major chains and layer-2 solutions to ensure its self-custody services are widely interoperable.
defi
While Singapore's DeFi landscape is well-rounded, there's a pronounced focus on trading platforms, reflecting the market's dynamic nature. Beyond trading, staking and yield-generating projects stand out as the next major pillar. A significant portion of the community are looking for ways to contribute to the security and functionality of blockchain networks, and being rewarded with stable yield opportunities in the respective ecosystems. The third key area is Real World Assets (RWA) and Tokenization, where innovation is redefining how we interact with traditional assets by converting them into digital tokens. Tokenization continues to break new ground, whether by enabling investment in high-value assets through fractional ownership or by injecting liquidity into what were once considered illiquid asset classes.
Pendle Finance, a Singapore-based project that allows users to tokenize and trade future yields on assets, enabling more flexible and innovative yield management strategies within decentralised finance
To date, Pendle has some US$4.6 billion in Total Value Locked (TVL), an important metric is Web3 that tracks the total amount staked or locked with a DeFi protocol.
Another giant in the local DeFi scene is OpenEden, a DeFi platform focused on bridging traditional finance with decentralized finance, enabling users to access real-world assets on-chain through tokenized investments. It aims to offer a more secure, transparent, and efficient approach to asset management by digitizing assets like U.S. Treasury bills, which are then made available for trading within the DeFi ecosystem.
With over US $100 million in TVL, they have quickly become Asia’s largest issuer of tokenized US Treasury Bills.
nfts and gaming
NFTs and gaming protocols have rapidly evolved into dynamic segments within Singapore's thriving digital ecosystem. The country has become an influential hub, blending creativity, technology, and regulatory clarity to drive innovation in blockchain-based gaming and NFT markets. Local studios and developers have also continued to integrate NFTs into gaming experiences, enabling true ownership of in-game items, digital collectibles, and virtual assets. This has transformed how players interact, trade, and monetize gaming content. Through multiple iterations, both NFT and gaming Web3 projects have continued to attract successful funding and ultimately upscale their loyal communities.
Pixelmon is a blockchain-based gaming project that combines elements of open-world exploration and creature collection, aiming to create an immersive experience within the Web3 ecosystem.
In 2023, Pixelmon secured $8 million in funding, attracting prominent industry figures such as Ray Chan and Kun Gao, signaling strong investor confidence in its vision. Notably, it introduced "Kevin The Adventurer" on BuildOnBase, attracting 36,000 unique players and accumulating over 420 days of playtime, demonstrating the project's ability to engage a broad audience.
Mighty Bear Games is a Singapore-based game development studio known for creating engaging, multi-platform games. In July 2022, Mighty Bear Games raised $10 million, led by Framework Ventures, to launch its blockchain division and develop AAA Web3 games, marking a strategic shift towards blockchain gaming.
Then, Mighty Bear Games secured $4 million in early 2025 to expand its GOAT Gaming platform, which leverages AI agents to play games on behalf of players, showcasing innovation in integrating AI with gaming.
Mighty Bear Games is also known for retaining AAA talent in Singapore, building their team around industry veterans hailing from the likes of King, Ubisoft, EA, Lucasarts, Disney, Gameloft, and Jagex.
vc
Cefi
Crypto exchanges in Singapore operate within a well-defined regulatory framework established by the Monetary Authority of Singapore (MAS), positioning the city-state as a leading example of compliant digital asset trading. Centralized exchanges are typically required to secure a Major Payment Institution (MPI) license or obtain in-principle approval under the Payment Services Act, which enables them to offer regulated services such as digital payment tokens. This licensing ensures that exchanges meet rigorous standards in areas like anti-money laundering (AML) compliance, customer protection, and cybersecurity. As a result, Singapore has cultivated an environment where licensed exchanges can operate with a high level of transparency and security, fostering trust among institutional and retail investors alike.
Coinhako, established in 2014, is a leading cryptocurrency platform based in Singapore, providing users with access to digital assets like Bitcoin and Ethereum. In May 2022, Coinhako received official approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution, allowing them to offer Digital Payment Token (DPT) services under the Payment Services Act.
In October 2024, Coinhako celebrated its 10-year anniversary, marking the occasion with a record SGD 11 billion in traded volume year-to-date. These accomplishments underscore Coinhako's commitment to regulatory compliance and innovation as one of Singapore’s homegrown centralized exchanges.
Service provider
Singapore: A Hotspot for High-Value Acquisitions and Global-Scale Deals
Singapore’s thriving Web3 ecosystem has become a magnet for headline acquisitions and transformative deals. With clear regulations, strategic geography, and top-tier talent, the city-state provides fertile ground for both homegrown innovation and international expansion—making it an ideal environment for large-scale transactions.
When global leaders acquire Singaporean startups or forge major partnerships here, they reaffirm the country’s growing status as a vital hub for cutting-edge Web3 ventures. Moreover, sustained investments into the industry have stoked a spark into a full-blown flame. As of late, there have been several hallmark success stories of such Singapore-based Web3 startups.
Jupiter’s Acquisition of Solana.FM and CoinHall
Jupiter, a leading DeFi aggregator on Solana, has solidified its ecosystem through two notable acquisitions—Solana.FM and Coinhall in September 2024—both of which underscore Singapore’s standing as a hotbed for Web3 innovation.
SolanaFM
Solana.FM is a Solana blockchain-based explorer. It allows users to explore transaction details, on-chain data, accounts, programs, NFTs, and token information within the Solana ecosystem.
In a technical sense, building a Solana-based explorer is notoriously difficult as compared to their Ethereum Virtual Machine (EVM) based blockchain counterparts. SolScan, competitor of Solana.FM reiterates this, “The nature of this difficulty is due to the various data types and infrastructures on Solana, which are designed to deliver high throughput and fast finality.”
Solana.FM was founded by 3 Singapore Management University (SMU) undergraduates: Nicholas Chen, Fathur Rahman, and Chin Bing Huang. Solana.FM raised SGD$6.3M in their seed round (July 2022) with names like Spartan Capital and Mirana being key investors in the round.
“When we first collaborated on a partnership with Jupiter, we sought out to build the best data pipeline for wallet profiling, so that users can easily access asset information across all of their financial apps in Solana. When we were just about to complete the wallet profiling infrastructure, it became clear to Jupiter that we can provide a whole lot more value if we were to be involved in every sub-product Jupiter had.
Meow (the CEO of Jupiter) saw that the data infrastructure pipelines SolanaFM had were far beyond what Jupiter had at the time of acquisition talks, and that also fueled them (Jupiter) to strongly consider the acquisition in order to improve data availability across Jupiter’s products.
Culturally, both teams operate similarly. There’s no frills in the communication process, everyone speaks like they’re having a cup of Kopi at a hawker centre.”
Nicholas Chen
Co-founder & CEO, Solana.fm
Coinhall
Coinhall is known for its multi-chain analytics and real-time market data aggregation—key features for DeFi traders and projects seeking cross-chain insights. By streamlining on-chain data into a single interface, Coinhall lowers barriers to entry for both newcomers and experienced DeFi participants, positioning itself as a pivotal resource for informed decision-making and portfolio management.
Coinhall was co-founded by Aaron and Joseph after recognizing a gap in the Cosmos ecosystem for an integrated trading platform. Both alumni of the National University of Singapore (NUS), they leveraged the institution's connections and the support of local professors to hire software engineering interns, many of whom were eventually brought on as full-time employees.
“As we were alumni of NUS, we went back to our alma mater to share knowledge and fortunately also got the support of Professors that helped to push our internship applications. This heavily contributed to us hiring local software engineering talent as we eventually converted our interns into full-time employees. Even until today, we are one of few Web3 companies that managed to build a >90% Singaporean team.
The Singaporean Web3 ecosystem was very conducive as there was a strong ecosystem of founders, builders, funds, analysts and more. Navigating the local space easily allowed us to compound on these relationships to build our global network.”
Joseph Lim
Co-Founder & CEO, Coinhall
Nansen’s Acquisition of StakeWithUs
In September 2024, Nansen, a global blockchain analytics firm, acquired StakeWithUs, a prominent non-custodial staking service provider. This strategic move was driven by Nansen's ambition to diversify its service offerings beyond data analytics and venture into investment services for both institutional and retail clients.
The acquisition was facilitated by StakeWithUs's strong reputation and its substantial assets under management.
"While StakeWithUs being located in Singapore wasn’t a key factor in the acquisition, it did help streamline the process since we could spend more time together in person. Nansen is a remote-first, performance-driven company, so we welcome talent from anywhere in the world.
That said, there are intangible benefits to being in the same country, as it helped accelerate the M&A process and made it easier for the StakeWithUs team to assimilate into Nansen post-acquisition.”
Alex Svanevik
Co-Founder, CEO
StakeWithUs
StakeWithUs is a Singapore-based blockchain infrastructure provider specializing in staking services. Founded in 2019 and supported by SGInnovate, the company quickly grew to manage substantial assets across various blockchain networks. By 2024, StakeWithUs was managing over $80 million in staked digital assets and supported more than 20 blockchain protocols, including prominent chains such as Solana, Sui, and Celestia, serving over 30,000 users globally.
It provided institutional-grade staking infrastructure, allowing individuals and institutions to securely participate in blockchain governance and earn passive income through rewards from validation services. Its platform was recognized for its reliability, robust security, and commitment to seamless user experiences.
Such acquisitions underline the strength of Singapore’s Web3 ecosystem: startups can rapidly scale with local talent, secure substantial funding from global investors, and attract high-profile takeovers by international industry leaders.
This environment—combining favorable regulations, technical expertise, and a robust support network—has made Singapore a launchpad for many emerging Web3 success stories.