Launching a Digital Currency Startup in Singapore with Steve Beauregard, CEO & Founder of GoCoin
Steve Beauregard hails from the US and recently moved to Singapore to launch GoCoin – a digital currency payments platform for eCommerce and gaming sites.
Steve, please introduce yourself…
Prior to founding GoCoin, I ran a software consulting practice for 20 years focused on mobile, social and eCommerce applications. I was COO of a US publicly traded eCommerce company and managing director of a startup accelerator program. Originally from DC, I moved to southern California after college.
What’s the story behind creating GoCoin?
In late 2012, an eCommerce client asked if they should start accepting Bitcoin. My firm Regard started researching and getting a complete understanding of the digital currency and seeing the opportunity extensively researched the market alongside co-founder and virtual currency expert Brock Pierce and selected digital currency payment platform as a large still almost untapped market.
Why did you decide to base GoCoin out of Singapore, over elsewhere in the world?
As a fintech company, Singapore has emerged as a financial capital of the world and we see a lot of opportunity in the region. We also had planned to leverage the government incubation programs.
What advice would you give to entrepreneurs considering starting a startup in Singapore?
The key is to actually move to Singapore in order to effective start a business in the country. Until I rented an apartment and had a local address, banks and businesses did not take GoCoin seriously. It’s also important to meet face to face with the incubator managers to determine if the programs are a fit for your business.
You’ve raised some financing, what we’re the challenges and what did you learn raising a financial round in Singapore?
It is truly about relationships, we ended up raising friends and family money from my network and my fellow co-founders. only a small percentage was raising from Sg investors.
Let’s talk digital currencies. How do you see the digital currency ecosystem developing in Singapore?
Slow but steady adoption, I think the utility of digital currency in other nations in the region will outweigh that of Singapore alone.
How is the Singaporean government reacting to digital currencies?
So far the MAS has made cautionary announcements but do not intend to regulate digital currencies at this stage.
How do you see Asia playing a role in the development on digital currencies?
Recent announcements in China certainly hamper GoCoin business in the region in some ways, so we are actively adjusting our regional strategy.
Beside GoCoin, what digital currency focused startups are you currently getting excited about, and why?
I’m excited for ItBIT as the region needs a scalable exchange in order to improve liquidity. This is a very complementary business to GoCoin
What’s next for GoCoin?
Bringing on the next set of mid-sized merchants, and continue innovations on our platform that will differentiate GoCoin from our competitors.
Written by SaaSicorn
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