Marvelstone Group-owned Lattice80 today announced the launch of a crypto hub in Singapore and decided to discontinue its fintech hub in the city-state.

Lattice80’s fintech hub will, however, continue to operate across other markets.

According to the company, the change in strategy comes after carefully looking at the Singapore market, where LATTICE80 first introduced the world’s largest fintech hub.

Earlier, it had plans to expand the fintech hub from 30,000 square feet to 100,000 square feet.

“Despite our recent move to London, Singapore remains a hotbed for innovation and we definitely intend to be present in this market. Over 30 fintech spaces, a combination of hubs and innovation labs, exist in Central Business District as of today. With just around 400 fintech startups in the country, we believe fintech has sufficient grounds to grow and scale,” said Joe Seunghyun Cho, Co-founder and Founding CEO at LATTICE80.

Also Read: Singapore is warming up to blockchain but many challenges remain, say experts

Despite massive interest, what is missing in Singapore is a balanced ecosystem for blockchain and crypto startups, he feels. “In my regular interactions with various founders and other important people in the industry, a demand for the expertise LATTICE80 brought to fintech is evident. The potential to collaborate, learn, and co-create needs to be addressed and it needs to addressed now. A place where startups can pitch and test their ideas daily with the community is required.”

Cho believes that combined with the power of Lattice80’s FintechDB and AI engine, investors and stakeholders will be able to understand the market better. He claims Lattice80 will bring the world’s attention to Singapore by helping build excellent case studies for global institutions, showcase adoption of crypto, and structure transparent investment platforms for investors.

LATTICE80 is a global hub building an ecosystem for fintech startups, corporates, financial institutions, governments, and the public to collaborate, learn, and co-create. LATTICE80 opened its fintech hub in Singapore in Nov 2016 and is in the process of opening several branches in Europe and Asia in 2018.

In November last year, Lattice80 courted controversy after Malaysian conglomerate Hong Leong Group accused Marvelstone Group of neglecting to pay utility bills, internet services and other rental fees. Following the row, Lattice80 had to relocate its office.