Shi Ying Wong 4 Sep, 2018
From left to right: Edmund Chew, Shaun Cheetham, Quah Zheng Wei, Derrick Lee (top row)
As both an ICO investor and advisor, Quah Zheng Wei identified the complications and inefficiencies each ICO project entailed. As an investor, he felt annoyed that he had to go through such a cumbersome process. On the other hand, as an advisor, he witnessed first-hand the time and resources wasted in order to conduct an ICO.
Facing frustrations on both sides, Zheng Wei founded Ceito, redefining how ICOs are conducted and ensuring processes are done seamlessly.
Ceito is a self-service tool that simplifies the entire ICO process, allowing project owners to focus on building their business while Ceito handles the nuts and bolts of their ICO. With its vision to instill responsibility, accountability and trust in the ICO industry, Ceito aims to help companies embrace blockchain technology by leveraging on their expertise and resources.
Features of the platform include unlimited investors screening, automated smart contract development, dynamic exchange rate, real-time statistics, founders management and many more.
Singapore has emerged as the third largest ICO market globally after US and Switzerland. According to a blockchain analysis study done by Elementus, in the first quarter of 2018, Singapore token sales brought in more than US $1.7 billion, making it the leading hub of ICO activity in Asia. Over the next few years, Singapore is poised to see its blockchain ecosystem continue to grow exponentially, buoyed by the growth of cryptocurrency in the region and the growing emergence of ICOs and crypto-tokens.
The ever-changing landscape of blockchain presents unique challenges for Ceito. Zheng Wei emphasises the need for education and adaptability, due to the present infancy stage of ICOs. He shares, “It’s a common saying that a week in blockchain is a year in any traditional industry. As such, we are forced to adapt very quickly and at the same time educate all stakeholders to keep them up to speed.”
When asked to advise fellow entrepreneurs, Zheng Wei stresses the importance of a strong, supportive community, “Only through mutual support, can our ecosystem truly thrive. I encourage local startups and entrepreneurs to support each other and create a collaborative environment.”
In the next 12 months ahead, Ceito foresees the issuance of security tokens becoming more prevalent, and have invested much resources to incorporate the nuances of a security issuance into the platform. They will continue to work closely with legal advisors to ensure that the platform fits into the current capital markets system, and looks forward to providing companies with innovative alternatives for funding.
Visit Ceito’s website to find out more about their work.
From 24 April 2018, TRIVE has announced that it will administer the grant free-of-charge, without any requirement of sweat equity or payment.
Interested entrepreneurs are invited to apply for the grant at TRIVE’s website.