Singapore’s first virtual currency startup will make $200 million in revenue this year, according to a report.
Singapore-based Digital Currency Group said on Thursday that its revenues in its virtual currency market will reach $200m this year.
Digital Currency Group (DCG) said that it expects to make around $300m in revenue from its digital currency business this year and expects to double revenue in 2019, when it aims to launch a more robust business model.DCG has made significant investments in its Singapore-based venture and has a team of around 20 people working on virtual currency projects in Singapore, according a DCG spokesperson.
“We are looking forward to adding more VC and institutional partners to our team in the future, which will be important for us to continue to develop and grow the company and our customers,” DCG co-founder and chief executive officer, David Tan, told Reuters in a statement.
Tan added that the company aims to “make a significant return” from its first virtual currencies project, called Digits, in 2016.
Digits was a project to digitise a number of currencies to allow for easier exchange and settlement.
The Singapore-listed startup was founded by Tan and four other investors in August 2017.
It started as a platform for the public to sell and trade digital currencies and also provided a way for people to buy, sell and exchange digital currencies.
Its most recent venture, Digits 2.0, was announced in October 2017.
Tan said at the time that Digits would offer a “digital currency gateway to more people” and that its platform would help people “trade digital currencies on a daily basis”.