Cake DeFi, a Singapore-based fintech firm, announced on September 13th the launch of its global R&D hub, Birthday Research. The new hub will be located in Singapore and will focus on developing best-in-class blockchain and digital asset technologies through open-source blockchain research and development.
Investing $50 million
Cake DeFi has committed to investing $50 million in R&D over the next 4 years to develop new products and innovations for fintech and financial institutions within the digital asset ecosystem.
The company has over 50 R&D staff within its product and engineering teams. Cake DeFi plans to double this figure while consolidating its R&D operations in Singapore.
“The launch of our global R&D hub, Birthday Research, in Singapore supports the Singapore Government’s direction on digital asset innovation. We are committed to building the B2B digital asset infrastructure and uplifting Singapore’s blockchain ecosystem to drive innovations in fintech,” said Dr. Julian Hosp, Co-Founder, and CEO of Cake DeFi.
Cake DeFi is a fully transparent, highly innovative fintech platform that provides access to decentralized financial services and applications by enabling users to generate returns from their crypto and digital assets. It is operated and registered in Singapore and is subject to applicable laws and regulations in Singapore.
By enabling and empowering its users to harness the potential of DeFi, Cake DeFi aims to educate and inform people around the world on crypto and DeFi in a simple, easy-to-understand, and hassle-free manner.
Focus For Decentralized Finance
With the Monetary Authority of Singapore’s (MAS) direction to grow all aspects of the digital asset ecosystem, Birthday Research will centralize Cake DeFi’s product innovation and development in its technology stack for B2B solutions.
“The launch of Birthday Research is an exciting milestone for us at Cake DeFi. Cake DeFi is built on the solid foundation of blockchain technology that enables global decentralized finance. It allows decentralized finance to be leveraged by enterprises like us in a trustworthy, safe and compliant manner,” said U-Zyn Chua, Co-Founder, and CTO of Cake DeFi
Birthday Research will focus on powering institutions with blockchain technology infrastructure such as node, custody, and keys management, as well as a “SWIFT” for decentralized finance. The establishment of Birthday Research will create job opportunities in Singapore’s emerging technology and fintech sector.
In addition, Birthday Research also looks to solve problems faced by the traditional finance sectors, such as slow and erroneous payment transactions, lack of trust and transparency, and unequal access to financial services across markets.