Lim and Cheo, 37, are both crypto-enthusiasts with famous socialite sisters: Lim’s sibling Kim has some 319,000 Instagram followers, while Cheo’s sister Arissa has about 355,000. They join a rush globally to cash in on the growing crypto-mania that’s supercharging digital coin prices and startup valuations. That shift quickened in 2021 as wealthy investors who once scorned digital tokens realized they couldn’t bear to miss out on the potential for big gains.
A pair of scions from Singapore’s wealthiest families are teaming up to create a private NFT-based social networking app, becoming the latest among the well-heeled to jump aboard an intensifying crypto craze.
Kiat Lim, the 28-year-old son of reclusive financier Peter Lim, and Elroy Cheo, of the family behind edible oil business Mewah International Inc., have founded ARC to create the exclusive community. The pair envision an online club where membership is open to anyone holding the startup’s non-fungible tokens, from entrepreneurs to social media influencers.
