Business News Report
June 28, 2023

Crypto.com to Set Up Global Innovation Lab for Blockchain, Web3, and AI

Crypto.com to Set Up Global Innovation Lab for Blockchain, Web3, and AI

Crypto.com has announced a new initiative to set up a Global Innovation Lab in Singapore, making the city-state its global R&D hub.

A new team will be recruited for the global innovation lab, which will focus on experimenting with frontier technologies and exploring new ventures with strategic partners and hackathons to identify new use cases for blockchain, Web3, and AI.

Crypto.com announced the initiative during the Point Zero Forum, an exclusive invitation-only event that brings together policymakers and technology leaders. This forum, co-organized by The Swiss State Secretariat for International Finance (SIF) and Elevandi, a not-for-profit organization established by the Monetary Authority of Singapore (MAS), serves as a platform for connecting individuals, businesses, ideas, and insights within the global FinTech sector and in Singapore.

“We are focused on experimenting with the latest technologies in a responsible manner so that we can effectively launch new utilities to the global community,” said Prash Pandit, Senior Vice President, Product and Innovation of Crypto.com.

“The power of Web3 and blockchain technology is only starting to be realized, and now with the adoption of AI and its convergence with crypto, we have even more of a frontier to explore.”

Capitalizing on Singapore’s reputation as a technology-driven city-state and a prominent global fintech hub, the Global Innovation Lab aims to accelerate the growth of the emerging digital asset industry. 

The Lab is also fully committed to enriching the country’s vibrant FinTech and Web3 ecosystem, with a particular focus on nurturing local talent in Singapore. To kickstart this endeavor, Crypto.com will assemble a dedicated team for the Lab, with plans to expand further by creating additional roles in the future.

“We are tremendously proud to be a part of such an innovative ecosystem in Singapore supported by the MAS, and to launch this new Global Innovation Lab initiative,” said Chin Tah Ang, General Manager, Singapore of Crypto.com. “It will deepen our roots in Singapore, and enable us to invest in new local programmes with global scale to drive our industry forward.”

This news comes shortly after Crypto.com was granted a payment institution license from the Monetary Authority of Singapore earlier this month, allowing the crypto exchange to continue extending its Digital Payment Token (DPT) services to customers in the country.

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About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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