Enterprise Singapore, a government agency offering grants and financial services to growing industries, recently announced plans to back a new blockchain accelerator launched by Singapore-based Tribe Ventures, named Tribe Accelerator.

In addition to Enterprise Singapore, Tribe Accelerator is also being funded by South Korea’s Icon Foundation, as well as PricewaterhouseCoopers (PWC) Venture Hub in Singapore.

Accelerators are designed to finance and aid startups in quickly raising large amounts of capital. According to The Straits Times, Tribe Accelerator program will last six months and support later-stage startups with decentralized applications, as well as back-end digital solutions associated with blockchain.  The initial eight startups to participate in the program will be chosen at the beginning of next year.

Singapore is widely known for their support of the development of blockchain technology and is considered one of the friendliest countries for blockchain adoption. In November, the government has officially announced the program aimed to provide seed funding to blockchain startups. Additionally, just earlier this year Singapore’s Exchange Limited (SGX) in partnership with Nasdaq have successfully tested blockchain technologies for their use in tokenized assets settlements.