By Singapore-based early-stage venture capital firm Farquhar VC has partnered with Asia’s leading Tezos blockchain Incubator, TZ APAC, to support new talent in Asia.
In an announcement, Farquhar VC said it plans to co-invest alongside the Tezos blockchain development team into upcoming Web3 games being built on the blockchain.
Farquhar VC has backed startups works closely with early-stage startups in Southeast Asia and has invested in 40 startups, including firms such as Spark Systems, Fairphonic, and Beep Technologies. The firm will announce the first investment in a Tezos game in the next few weeks, a spokesperson told Cryptonews.
“After recent investments into Game-tech startups such as Lockpick Learning and the EMERGE Group, this partnership is a timely opportunity to enter into the world of Web3 and to partake in its exponential growth,” said Farquhar VC managing partner and chief investment officer Jason Su, said in a press release.
Tezos Blockchain Incubator TZ Apac
Farquhar VC said this partnership with the Tezos blockchain Incubator TZ Apac, will allow the firm to commit financing from existing or upcoming thematic funds into upcoming Web3 game startups and projects that will utilise the Tezos Blockchain.
TZ APAC is a Web3 community for creators and developers, with teams across Asia. TZ APAC nurtures the next generation of Web3 gaming, NFT, and DeFi champions in the region. The projects would receive funding and other support from TZ Apac. The incubator is supported by the Tezos Foundation and headquartered in Singapore, TZ APAC is accelerating Tezos as the blockchain of choice in Asia.
What is Tezos?
Tezos is a blockchain network hosting the associated digital token Tez (XTZ) and facilitates user participation in decentralized finance (DeFi), decentralized applications and non-fungible token (NFT) projects. This latest partnership shows there is interest in the Tezos gaming ecosystem.
It is possible to mint NFTs using Tezos. Creating a Tezos NFT will cost users only a fraction of a tez in transaction fees. Tezos claims that NFTs on Tezos are energy-efficient as well, with a carbon footprint similar to the energy consumption of sending a single tweet.
Singapore Remains a Hub for Innovation
Although Singapore remains a relatively crypto-friendly jurisdiction in Asia. Earlier this month, Singapore’s web3 community voiced a critical need for government support. According to a recent report by The Straits Times, Singaporean firms are specifically looking for help in two key areas: developing a skilled talent pool equipped with blockchain technology expertise and strengthening defenses against cyber threats.
In December, Singapore’s regulatory body the Monetary Authority of Singapore (MAS) announced plans to begin piloting the digital currency “E-CNY” – also known as the digital yuan, in collaboration with China to encourage tourism spending.
As reported by Cryptonews in 2023, Singapore emerged as the top crypto-friendly destination for crypto millionaires seeking tax-friendly havens to protect their crypto assets.
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