IBM and Citibank Join Singapore Late-Stage Blockchain Accelerator

IBM, Citibank and video game giant Ubisoft have signed up to -based blockchain accelerator Tribe Accelerator.

Corporations mingle with blockchain startups

Local news outlet TheStraitsTimes reported on Sept. 18 that the companies above joined as corporate partners Tribe accelerator for the second edition of its four-month program. Per the report, Tribe helps blockchain startups in their growth-stage by connecting them with major corporations.

Startups of this second group operate in fields such as media and advertising, cybersecurity, healthcare, fintech and supply chain management.

The list of participating startups includes Binance-backed digital identity and password management firm Torus, distributed database service Bluzelle, healthcare startup WhiteCoat, digital identity and data management platform AID:Tech, and customer loyalty management platform Aqilliz.

The first batch of startups which completed the program in July this and reportedly raised over $12.2 billion within three months.

Major corporate backing

Since its launch last year, the program received support from government and corporate partners including insurance giant AXA, BMW Group Asia, Intel, business blockchain platform R3, Singapore’s Infocomm Media Authority (IMDA), Nielsen, Big Four auditor PwC and Temasek. Tribe Accelerator managing director Ng Yi Ming commented on the first round:

“The success of the inaugural batch far surpassed our initial expectations. By ensuring all parties are aligned with a common objective, it has greatly reduced information overlaps and made solution integration prompt.”

Citibank has already established a long track record with blockchain technology. As Cointelegraph reported in July 2015, the bank’s parent company Citigroup developed three blockchains and a test cryptocurrency dubbed “Citicoin” which turned out to be no more than vaporware in hindsight.

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