Cryptocurrency exchange Crypto.com announced a new initiative to establish its first Global Innovation Lab in Singapore.
The company said the goal of the Lab is to explore cutting-edge technologies with strategic partners to find new applications for blockchain, Web3, and artificial intelligence (AI).
Crypto.com intends to leverage Singapore's position as a high-tech city-state and leading global financial hub to accelerate the development of the digital asset industry, according to the exchange's website.
The Global Innovation Lab will also strive to develop the FinTech and Web3 ecosystems. As a next step, Crypto.com will create a new team entirely dedicated to the lab, signaling its commitment to driving technological advancements.
"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. We are incredibly excited to pursue this through our Global Innovation Lab with a new team of top talent that shares our vision," said Prash Pandit, Senior Vice President of Product and Innovation at Crypto.com.
"It will deepen our roots in Singapore and enable us to invest in new local programs with global scale to drive our industry forward," said Chin Tah Ang, General Manager of Crypto.com in Singapore.
Related news: Crypto.com announced that it has received a Master Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS).
