Blockchain industry professional services firm Wachsman expands into Asia

27 September 2018 Authored by Consultancy.asia

Wachsman, a US-based professional services firm focused entirely on the blockchain sector, has expanded into the Asia Pacific with the launch of an office in Singapore – further confirming the city-state’s reputation as one of the world’s premiere hubs for blockchain development.

With its headquarters in New York and an office in Dublin housing over 100 employees, blockchain sector professional services firm Wachsman has now added a further continent to its list of operations with the launch of a base in downtown Singapore. The firm will staff the new enterprise with a mix of experienced transfers and newly hired local talent, with plans to add a further 20 employees by the end of next year.

Originally founded as a public relations firm for organisations operating in the burgeoning blockchain sector, Wachsman expanded its service line in June of this year with the introduction of a strategy consulting division, with the firm now offering a range of strategic advisory, event management and communications services to blockchain industry clients – having represented over 120 blockchain-related companies to date.

According to the fast-growing firm, which hired its 100th employee in August and intends to add a further 50 professions in Dublin by 2020 in addition to those brought on in Asia, opening a branch in Singapore was the logical next step in its evolution. “Our clients have often enquired about Wachsman's global presence and today our footprint in Singapore enables us to provide coverage across every timezone,” the firm’s CEO, David Wachsman, said of the launch.Blockchain industry professional services firm Wachsman expands into AsiaHe adds; “Asia holds significant influence over the global blockchain industry, particularly at the protocol and development level… With its long-held reputation as a fintech hotspot, a birthplace of digital innovation, and as a favorable environment for blockchain adoption, Singapore was the clear choice for the next phase of our firm's global expansion. Our mission is to drive awareness and adoption of cutting-edge technologies that will better the world.”

Wachsman joins numerous entities striving to advance the global blockchain sector from a base in Singapore – which was recently assessed as a world-leading hub for Initial Coin Offerings, a means of raising capital through blockchain-based cryptocurrencies – including increasing local activity from some of the world’s biggest consultancies, such as Accenture and Big Four members PwC, KPMG and Deloitte.

In just the past week, Deloitte has announced a collaboration with Singapore-based blockchain start-up Jupiter Chain to develop an innovative data-sharing platform, while KPMG has recently helped develop a new frequent-flyer awards-programme for Singapore Airlines enabled by blockchain technology. Earlier this year, the local branch of PwC picked up a stake in Singapore-based blockchain specialist VeChain, and according to a survey report from Cognizant, some 88 percent of respondents in the finance sector consider the technology as important or critical for the future of the industry.

Strategic advisory

According to Wachsman, the firm’s move into Singapore is also a crucial step for its freshly launched strategy consulting and financial advisory division, known as the Strategic Advisory Group and headed by Managing Director Michael Chang, a former Senior Vice President with investment bank Jefferies who led the bank’s blockchain client coverage, and Associate Director Franklin Bi, who previously served as J.P. Morgan’s Blockchain Strategy Lead.

Chang said of the firm’s Singapore entry: “The Strategic Advisory Group's goal is to leverage our experience advising the world's largest enterprises on how to take advantage of blockchain, focusing instead on serving the industry leaders of tomorrow. From founding teams developing their long-term business strategy to new entrants navigating an incredibly complex and thorny landscape, we plan to help the most promising organisations achieve their next stages of growth.”

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