Singapore start-up Tembusu Systems gets S$1.2m funding boost

SINGAPORE: Tembusu Systems, which touted Asia's first Bitcoin ATM, on Thursday (Jan 29) announced it secured S$1.2 million in funding to develop its cryptocurrency platform, including S$1 million from a "Singapore-listed company".

The latest capital injection values the company at S$11 million, according to the company's press release.A check on the Accounting and Corporate Regulatory Authority (ACRA) website by Channel NewsAsia showed that OUE Investments is one of the shareholders of the local start-up.

The start-up said its platform, named TRUST, "solves the key challenges of first-generation distributed blockchain technology" and drew from lessons learnt from Bitcoin, the well-known cryptocurrency, such as the issue of complete anonymity of users.

Co-founder and CEO Andras Kristof said: "Our platform introduces proof-of-identity for accounts, which makes for better integration with existing systems and governments. We're also including prepaid wallets and a reputation system to improve the user experience."

Tembusu said TRUST is not a cryptocurrency in itself, but the technology can allow banks, governments and corporations to launch their own asset-backed cryptocurrencies.

"Asset-backed cryptocurrencies will likely be much more stable than Bitcoin, which has seen wild price fluctuations and is worth just 25 per cent of what it was worth 12 months ago," the company stated.

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Singapore start-up Tembusu Systems gets S$1.2m funding boost