Crypto Firm Cake DeFi Launches R&D Hub In Singapore, Commits US$50m To It
The crypto firm has committed to investing millions into building new products for fintech and financial institutions working with digital assets
Singapore-started decentralised finance platform Cake DeFi has launched Birthday Research, a research and development hub that will focus on developing blockchain and digital-asset solutions.
Node, custody, and keys management, as well as a decentralised “SWIFT,” will be the primary areas of focus for Birthday Research. The hub also seeks to solve problems faced by traditional finance such as wrong payment transactions and unequal access to financial services.
Cake DeFi plans to inject US$50 million into R&D over the next four years, aimed at developing these solutions. It will also double its existing R&D headcount.
Aside from Birthday Research, the company is also reportedly prototyping a robo-advisory service that it plans to launch early 2023. According to The Edge Singapore, the tech is expected to help customers allocate their funds into different cryptocurrencies.
Earlier this year, Cake DeFi celebrated its third anniversary with a US$1 million commitment to ESG initiatives. Co-founded by Julian Hosp and Chua U-Zyn, it also launched its venture capital arm, Cake DeFi Ventures, and has plans to invest US$100 million in Web3, gaming and fintech startups over the next two years.
As of June 2022, the company manages more than US$1 billion in total customer assets on its platform and has nearly a million registered users.
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