What Problem Is Blockchain Solving?

Ivan Hong

Published in

Coinmonks

2 min readMar 5, 2022

Singapore’s Central Bank Explains

“What problem are you solving for?”

The best ventures can readily and clearly articulate the need for their existence. The Singapore central bank’s response to “Wen airdrop tokenized SGD” is a excellent example of this user-centric thinking.

The Monetary Authority of Singapore (MAS) recently clarified — much to the surprise of many — that a retail SGD CBDC won’t be deployed anytime soon. Why? Because presently, user needs are not sufficiently compelling for domestic payments.

Yet the door remains open to innovation. MAS continues to invest in CBDC capabilities, and Decentralised Finance (DeFi) startups in Singapore are also actively experimenting with #stablecoin use cases.

Data from Singapore-based B2B crypto payments platform Request Finance shows 42% of crypto invoices paid were in stablecoins. This is notable as it is used by 1000+ real-world enterprises for salaries, expenses, and B2B transactions. (ft. Christophe L.)
StraitsX saw its XSGD cross SGD1.5 billion in on-chain transactions in 2021, as it is used for faster, cheaper remittances, and on DeFi apps like Uniswap, Zilswap, DFX Finance and 1inch. (ft. Aymeric Salley)
Bluejay Finance is developing a capital-efficient protocol for multi-currency stablecoins in emerging economies like ASEAN. (ft. Raymond Yeh)
Circle, the giant behind USDC, unveiled plans in November 2021 to set up a hub in Singapore to test stablecoins with companies in the city state (ft. Raagulan Pathy)

Stay focused on solving user problems.

So, what problem are you solving for? Comment below.

#defi #web3 #crypto #fintech #payments

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What Problem Is Blockchain Solving?

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Written by Ivan Hong