Decentralized finance (DeFi) platform Cake DeFi will set up a global R&D center called Birthday Research to develop best-in-class technologies for the blockchain and digital asset industries.
The project said its initial budget will be set at $50 million.
Cake DeFi Research Center
Singapore-based Birthday Research will have a budget of $50 million to spend over the next four years. Cake DeFi’s current R&D department will grow to more than 100 members from around 50 now, Cake Defi said in a PR shared with CryptoPotato on Tuesday.
“The launch of our global R&D center, Birthday Research, in Singapore supports the Singapore government’s focus on digital asset innovation. We are committed to building the B2B digital asset infrastructure and elevating Singapore’s blockchain ecosystem to drive innovations in fintech,” said Cake DeFi co-founder and CEO Dr. Julian Hosp.
New fields of intervention in R&D
Birthday Research will aim to support institutions with blockchain infrastructure such as node, custody and key management through open-source blockchain R&D. In addition, it will attempt to develop a “SWIFT” system for decentralized finance.
An important task that the upcoming R&D hub will perform is integrating all of Cake DeFi’s innovations and product developments into a technology stack of B2B solutions. Another area in which Birthday Research will try to contribute is traditional finance. It will attempt to find solutions to existing problems in payment transactions, trust and transparency, and access to financial services.
These initiatives align with the direction of the Monetary Authority of Singapore (MAS) to develop all aspects of the digital asset ecosystem, the company said.
$1 billion in assets in custody
In March, Cake DeFi unveiled its venture capital arm Cake DeFi Ventures, with a $100 million fund. The new entity will invest in technology startups in Web3, Metaverse, NFT, eSports, Gaming and Fintech.
On its third anniversary in June, the company informed that it had paid out $317 million in rewards to users through the first quarter of 2022. Cake DeFi also revealed that the number of registered members on its platform had increased to nearly one million, while assets under his custody was over $1 billion.
The company has allocated $1 million to support DeFi’s environmental, social and governance (ESG) initiatives.
In July, Cake DeFi folded hands with Razer Silver Rewards, which allows players on this platform to convert their Razer Silver into Cake DeFi vouchers and further into BTC, ETH and other coins.
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