Crypto.com to Create Global R&D Center in Singapore to Focus on Blockchain, Web3 and AI

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SINGAPORE Cryptocurrency exchange Crypto.com will set up its first global innovation lab which focuses on blockchain technology, Web3 and artificial intelligence (AI) in Singapore.

The Singapore-based company said in a statement Tuesday that the lab will actively experiment with cutting-edge technologies, explore new ventures with strategic partners and hackathons, and identify new applications for blockchain, Web3 and AI.

The lab is expected to further accelerate the development of the nascent digital asset industry and build the talent pool for Singapore’s web3 and fintech ecosystems.

As an immediate next step, Crypto.com will assemble a new team entirely dedicated to the lab, with additional roles to be established in the future, the exchange said in a statement.

When asked for team details, Crypto.com said it would hire in product, design, engineering, and data science for initial roles, but didn’t. hasn’t said how big he expects the initial team to be, how much the lab will cost to set up, or if he has any projects he’s currently considering.

The initiative was announced by the exchange during the Point Zero Forum in Switzerland. The forum is jointly organized by the Swiss State Secretariat for International Finance and Elevandi, a non-profit entity set up by the Monetary Authority of Singapore (MAS) to enable businesses and policy makers to exchange ideas and points perspective on the fintech industry in Singapore and globally.

Crypto.com’s announcement to designate Singapore as its global innovation hub comes nearly a month after it announced it was awarded a major payment institution license for MAS’ Digital Payment Token (DPT) services.

With the license, the company said earlier this month that it would be able to continue to expand its DPT services to Singapore customers, including e-money issuance, account issuance and money transfers. cross-border and national.

The granting of the license comes a year after MAS handed approval in principle to the company.

So far, there are about 15 crypto-related companies that can offer DPT services here, either through the Major Payment Institution License or the Standard Payment Institution License.

Last week, Crypto.com announced it would suspend services to institutional clients in the United States, citing limited demand.

The move comes as US authorities crack down on the industry, with the Securities and Exchange Commission suing stock exchanges Binance and Coinbase. This has prompted companies operating there to look elsewhere to diversify.

Crypto.com was founded in 2016 by Mr. Bobby Bao, Mr. Gary Or, Mr. Kris Marszalek and Mr. Rafael Melo.

Crypto activity has been reduced following the crypto crashes of 2022, including the dramatic fall of crypto exchange FTX. Rising interest rates are also adding pressure on the sector, which has seen layoffs globally.

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