Singapore-based fintech firm Cake DeFi has announced the launch of its global R&D hub, Birthday Research, to focus on developing best-in-class blockchain and digital asset technologies through open-source blockchain research and development.
Cake DeFi has committed to investing $50 million in R&D over the next four years to develop new products and innovations for fintech and financial institutions within the digital asset ecosystem.
Currently, 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 the city-state.
“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.
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.
In addition, Birthday Research also looks to solve existing 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.
Aligning with the Monetary Authority of Singapore’s (MAS) direction to grow all aspects of the digital asset ecosystem, Birthday Research will centralize all of Cake DeFi’s product innovation and development in its technology stack for B2B solutions.
The establishment of Birthday Research will create job opportunities in the emerging technology and fintech sector in Singapore.
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. Birthday Research’s R&D on blockchain technology dives deep into cryptography, financial liquidity, and more, with the aim of allowing 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.