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26 October, 2022

Press Release

AWST launches with US$ 1.7 million funding led by East Ventures & notable partnerships secured

Singapore-based Web3 company AWST officially launches on 25 October. Leading to its launch, AWST has raised up to US$ 1.7 million in funding led by East Ventures, with participation from 500 Global and Antler. AWST is also the first Web3 company in Asia to work closely with Stripe to facilitate mainstream NFT transactions.

The company is a community partner for the Singapore Week of Innovation & Technology event (SWITCH) from 25 – 28 October. AWST’s tech solutions will offer Proof of Attendance Protocol (POAP) NFTs that unlock unique rewards for event attendees. Bridging Web3 with the event space, AWST has worked with SWITCH to create 30 locations throughout the event space with QR codes that attendees can scan to get POAP NFTs of the event. This activation encourages exploration across the event space and helps to manage footfall and engagement. Attendees are incentivized with rewards from the POAP NFTs.

AWST was founded on October 2020 by Arun Sugumaran and Aleksandar Abu Samra. The company brings Web3 to brands by creating platforms for users to launch NFT collections across different blockchain protocols that are optimized for each project’s needs. AWST’s solutions can be integrated into existing technological frameworks seamlessly. Their expertise helps incorporate utility to these platforms, creating strong foundations for clients to leverage the growing Web3 ecosystem.

Stripe is valued at US$ 94.4 billion, and the online payment processing company serves businesses across 46 countries. AWST’s collaboration with Stripe is a big step in making NFT transactions commercially viable for businesses. The joint effort is poised to position NFTs for mainstream adoption by binding functions and utility such as memberships, tickets, and expanded experiences through the technology. 

AWST’s vision to make Web3 and NFTs accessible to everyone was what sparked the interest of investors. 

“East Ventures believes Web 3.0 is a multi-year theme and paradigm shift. There are numerous opportunities to tap into the sector. We back the best and brightest entrepreneurs like Arun and Aleksandar that build AWST to help brands and creators build meaningful communities where they can bring their ideas to life through its NFT platform. We look forward to partnering AWST team,” said Devina Halim, Principal at East Ventures.

AWST is excited about the future adoption of NFTs and has seen how the previous traction with their NFT vending machine at the National Gallery shows the growing reception of the general public towards Web3. 

“The Web3 space is evolving at a rapid pace, and businesses are keen to connect with their existing customers in new ways and gain new customers from NFT communities. We believe we have the right tech infrastructure, and the experience to guide our clients to expand their business and engagement capabilities through Web3 and NFTs.” Says Arun, CEO of AWST.

Moving forward, AWST wants to build tools and platforms that connect organizations with NFT projects to facilitate that exchange of value in the real world.