Companies that have provided similar services include Singapore-based TradeTogether.
Cake DeFi has also launched its research and development (R&D) hub Birthday Research, which will centralise all of its product innovation and development in its technology stack for business-to-business (B2B) solutions. This includes node, custody and keys management as well as a “SWIFT” for DeFi.
The R&D unit also seeks 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.
Cake DeFi is committing to invest US$50 million ($70 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.
See also: The Trump family is going all-in on crypto projects, from Bitcoin mining to stablecoins
“The launch of 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,” says Hosp.
In Singapore, Cake DeFi holds an exemption under the Payment Services (Exemption for Specified Period) Regulations 2019 granted by the Monetary Authority of Singapore. The company provides no update on its IPO plans.
