R&D Team to Develop B2B Solutions Using Cake DeFi Innovations
The R&D team will work on a technology stack of B2B solutions that use Cake DeFi's product innovations and developments.
Decentralized finance (DeFi) platform Cake DeFi will set up a global research and development hub called Birthday Research to develop best-in-class technologies for the blockchain and digital asset sectors. This move will bolster the DeFi sector by providing a dedicated R&D team to Cake DeFi, and also position the platform as a leader in blockchain innovation.
The $50 million budget for the new project is a great start, but it will need to be increased in order to truly make a difference.
Cake DeFi's Research Hub is the go-to source for all your DeFi needs!
Cake DeFi's new research and development department, Birthday Research, will have a budget of $50 million over the next four years. The department will grow to over 100 members from around 50 now, Cake DeFi said in a PR shared with CryptoPotato on Tuesday.
“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.
New R&D Focus Areas: What's in store for the future?
The Birthday Research team believes that blockchain technology can play a major role in streamlining financial institutions. By developing a "SWIFT" system for decentralized finance, the team hopes to make it easier for institutions to manage node, custody, and keys management. In addition, the team plans to release all of their research as open-source, in order to help further advance the blockchain industry.
The new R&D hub will play a vital role in consolidating all of Cake DeFi's product innovations and developments into a B2B solution stack. In addition, Birthday Research will also focus on trying to address some of the existing issues in traditional finance, such as payment transactions, trust and transparency, and access to financial services.
The company said that these initiatives align with the Monetary Authority of Singapore's (MAS) direction to grow all aspects of the digital asset ecosystem.
$1 Billion in Assets Now in Custody
Cake DeFi is on the rise, and its latest venture is sure to take it to new heights. The new Cake DeFi Ventures entity will invest in some of the most promising areas in the tech world, including Web3, Metaverse, NFT, eSports, Gaming, and Fintech. With a fund of $100 million, Cake DeFi Ventures is poised to make a big impact in the coming years.
Looking back at its third anniversary, Cake DeFi reports that it has paid out $317 million in rewards to users up to Q1 2022. The company also announced that the number of registered members on its platform has grown to nearly 1 million, while assets in its custody are now over $1 billion. With such impressive growth and success, it's clear that Cake DeFi is becoming a major player in the world of decentralized finance.
DeFi is gaining mainstream traction as a company allocates $1 million to support its Environmental, Social, and Governance initiatives. This is a big vote of confidence in the space and is likely to spur more mainstream adoption.
Cake DeFi's partnership with Razer Silver Rewards is a great way for gamers to convert their Razer Silver into BTC, ETH, and other coins. This will help them get more out of their gaming experience and help Cake DeFi grow its user base.
The post Cake DeFi Launches Blockchain Hub Birthday Research With $50 Million Investment Plans appeared first on CryptoPotato. Cake DeFi, a leading provider of decentralized finance (DeFi) solutions, has announced the launch of its Blockchain Hub Birthday Research with a $50 million investment plan.
