3/11/2023 0 Comments Spore cryptoThe bank is ramping up its capabilities in this space, and has multiple job openings in Singapore for crypto and blockchain. Most recently, it issued its first tokenised bond on the exchange. DBS’ daily crypto trading value has increased more than 10 times since its launch / Image Credit: DBSĪccording to its last earnings report, DBS’ daily crypto trading value has increased more than 10 times since its launch, and it said its crypto trading business is building up steadily. Morgan to set up a new blockchain-based global payment platform. It launched a digital exchange months ago and also announced a partnership with Temasek and J.P. Singapore’s largest bank DBS has made itself heard on its interest in the crypto space, such as trading and digital custody capabilities.ĭBS has been actively exploring new revenue opportunities. Here are six companies who are expanding into this space in Singapore and not taking a break in ramping up crypto and/or blockchain-related hires. Institutional interest in cryptocurrencies and digital assets have also increased in recent months. Naturally, there’s been increasing commercial adoption of distributed ledger technology and crypto-related business models in the republic.įor example, DBS’ new digital exchange reflects a growing interest in digital assets. The investment will be to facilitate the development, commercialisation and adoption of wider real-world applications. Singapore’s crypto-friendlier regulations are paving the way for the industry to grow and the fast pace of asset digitalisation is also a place of opportunity.įor a start, the Singapore government announced last year that it’s putting its money into strengthening the blockchain ecosystem by investing S$12 million, its first national effort to expand blockchain technology research. Watch the full interview above to hear updates about ongoing deals with HAVN and Mycrodose.As Bitcoin and other digital assets go mainstream, more companies are wanting a piece of the action. So there are still many, many opportunities for HAVN to hit their targets, he assures potential investors. Moore says that HAVN is still fielding companies who work in nutraceuticals every week. And in fact, the opportunity is growing.” Still, Plenty of Opportunities for HAVN Despite Spore Life Sciences Falling Through But the industry actually is going to take some time before it’s generating some significant revenue. “Many of them thought it was going to be more like cannabis with revenue in a relatively short period of time. “One of the things that developed over the last 12 months in this space is a year ago, or a little over a year ago, when there was a lot of retail investment money coming into psychedelics, I don’t know, if those investors really understood how long the fuse was for new drug development,” says Moore. ![]() And so, it was in the best interest of our shareholders to not close that deal.” Investors Need to Know: Psilocybin Investment is Not Fast, Like Cannabis “Our focus is on building a supply chain of naturally drawn psychedelics and having the nutritional supplements as a business that generates cash to support the other side of the business and, regrettably, we couldn’t get that transaction, the point where it satisfied those requirements. ![]() “I’ll take you back to, you know, the overall thesis for the company, when we launched, that hasn’t changed,” Moore says. Moore says that HAVN tried to work with Spore to close the gaps, but they were unable to get the transactions to the point where it satisfied the requirements of the definitive agreement Regrettably, some of the closing conditions just couldn’t be met,” he said in his interview. But the opportunity is exactly where it was 60 days ago, or 90 days ago, before we announced that potential transaction. But not closing on a track transaction isn’t a step back. ![]() “It would have been a step forward for us. Moore had previously discussed in interviews that there were hopes the acquisition could help build out their functional mushroom business.ĭoes this loss of Spore mean a step backwards for HAVN? Moore says no, not really. It looked like a great match, as Toronto-based Spore Life Sciences is a wellness brand focused on functional mushroom formulations, and in possession of a significant U.S. The Elephant in the Room: Fallout from HAVN Not Acquiring Spore Life Sciences?Īt the end of 2021, HAVN had announced a definitive agreement to acquire all the outstanding securities of Spore Life Sciences Inc.
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