Cryptocurrency and the blockchain technology that underpins digital assets have been a hot point of conversation among CEOs, investors, and startup firms for the better part of a decade. Crypto usage hasn’t quite hit the mainstream as many expected it would by now, but it’s clear that people want a piece of the future market and to develop the tools that will power up digital assets.
This can even be seen in Singapore, where investments in fintech actually took a tumble. Perhaps seeing how new businesses in Singapore are paving the way to the clear advantages of crypto payments – like saving on costs, being global, and increasing efficiency – the sector saw a surge of investments through the first half of 2024. It’s another sign of a slowly simmering trend that businesses should keep an eye on.
Singapore is still keen on crypto
Investments in Singapore for fintech fell in volume across H1 of 2024. Sinking by 34 percent, the volume of deals still amounted to a good sum of $522.89 million. The good news for fintech firms in Singapore is that the number of deals did see an uptick of 19 percent, clearly showcasing interest at least in slightly more affordable investments.
Of all of the fintech sectors to see investment in Singapore, cryptocurrency and blockchain saw one of the larger portions at $211.9 million. Some 72 of the 117 total deals went to the sector which saw a 22 percent surge. Tying into this, in part, is that the payments sector in Singapore got $80.2 million in investments, which was second-highest only to cryptocurrency and blockchain.
Singapore has become quite the important market for fintech investments and projects, so it makes sense that the volume and amounts in the cryptocurrency sector would hold strong. Further enforcing the city-state as a fintech hub is the Singapore Fintech Festival. Taking place from November 6 this year, the spotlight will turn to artificial intelligence and quantum technology, building on the focus on the pros and cons of AI in 2023.
Crypto as a payment method on the rise
Cryptocurrency payments aren’t yet mainstream, but plenty of innovative and forward-thinking platforms are already getting on board. Naturally, online sectors are the more immediate to adopt the technology and offer a new way for people to make payments. Where it’s quite exciting is in the realm of online casino gaming. Top-rated sites like Mystake offer crypto payment options, so you can play the games with Bitcoin and Ethereum.
What makes it interesting is that, at an online casino, if you win money, you want to withdraw it. So, you can essentially play with crypto and withdraw crypto winnings if your numbers come in. Many other tech-forward firms also accept crypto payments now, including Apple, Sony, and Expedia. The trend has also expanded to the likes of Best Buy, Columbia Sportswear, Gamestop, Nike, Ray-Ban, and Walmart.
Investments in cryptocurrency and blockchain businesses don’t look to be going anywhere. Even in Singapore, where the fintech fad may be waning despite the national focus, crypto did exceedingly well. It might not be long before crypto payments are commonplace for businesses.
Also Read: The Future of Finance: Cryptocurrency Price Predictions for 2025 and Beyond
