Singapore-based staking, lending, and liquidity pool platform Cake DeFi has announced it is investing US$50 million in R&D over the next four years. Part of its plans is to double its research, engineering and product headcount to over 100 staff.
Named “Birthday Research,” inspired by calculating the chances of two people having the same birthday in a room, the new global R&D hub will focus on “developing best-in-class blockchain and digital asset technologies through open-source blockchain research and development,” according to the firm.
Currently, Cake DeFi has over 50 R&D staff in its product and engineering teams, who are based in Singapore.
“The launch of our global R&D hub, Birthday Research, in Singapore supports the Singapore Government’s direction on digital asset innovation,” said co-founder and CEO Dr Julian Hosp. “We are committed to building the B2B digital asset infrastructure and uplifting Singapore’s blockchain ecosystem to drive innovations in fintech,” he said.
Hosp separately told Blockhead that growing in Singapore remains key for Cake DeFi to building credibility in the space, alongside the company’s insistence on transparency.
“We’re playing the long game,” Hosp said, adding that he believes the Dubai bubble will burst in time to come.
Birthday Research is very much in line with this mantra. The new arm was created to “bring the best minds together to contribute open source blockchain projcets to uplift the Singapore blockchain and financial industry,” the company said.
U-Zyn Chua, co-founder and CTO of Cake DeFi described the launch of Birthday Research as an “exciting milestone” that “dives deep into cryptography, financial liquidity and more, with the aim of allowing decentralized finance ot be leverage d by enterprises like us in a trustworthy, safe and compliant manner.”