Singapore witnessed over 50% growth in the blockchain sector.

The Asian country Singapore witnessed a massive growth of over 50% in the blockchain sector for the year 2020. There are 234 blockchain companies in the country.

A collection of organizations teamed up to produce a “map” of what the blockchain landscape looks like in the Asian country Singapore, and it shows a significant growth in comparison to the last year. Infocomm Media Development Authority (IMDA), supported by a Singaporean governmental agency, published a map showing a collection of company logos organized by specific business sectors. The categories here range from corporate services to smart cities to protocol and infrastructure and beyond.


There are 234 blockchain companies in the country. 

A notable addition for this year is decentralized finance (DeFi), a sector that seems to be gaining global momentum as Temasek recently became the first Asian entity to partner with the Libra Association. Global recruiting for jobs requiring blockchain skills is also up. There are a total of 234 blockchain-based companies represented across 26 categories on the 2020 map. That’s 91 more companies represented now versus last year, indicating growth above 50%. The blockchain technology is currently being utilized in many fields across countries. The technology that underpins cryptocurrencies is being used in fields like healthcare and logistics. 


Japan witnessed a 30% growth in the blockchain sector. 

As reported earlier, one of the country’s largest crypto companies revealed that the blockchain sector in Japan has grown by over 30% since 2019. For years, Japan has been witnessing growth in the blockchain industry. The Asian country is among the few nations to formulate and implement a regulatory framework for the industry. The blockchain-friendly approach by Japan has led to the rapid growth of this industry. According to the report by the Monex Crypto Bank, Japan’s blockchain industry has grown by over 30% in the past year. The Monex Crypto Bank’s report revealed that as of May 2020, there were 430 blockchain companies in the country, a 30.7% rise from the 329 companies reported in July last year.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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