Digital Finance Cooperative Research Centre

What Digital Finance Cooperative Research Centre does

Digital Finance Cooperative Research Centre (DFCRC), legally Digital Finance CRC Limited, is an Australian cooperative research centre established in June 2021 and headquartered in Sydney at Level 15, 50 Pitt Street. Operating as a 10-year federally funded research program under the Australian Government's Cooperative Research Centres Program, DFCRC was seeded with an AUD 60 million government grant and AUD 121 million in industry partner contributions, totaling AUD 181 million in program funding. The Centre convenes over 20 industry partners (including the Reserve Bank of Australia, National Australia Bank, Macquarie Bank, Commonwealth Bank, ANZ, Westpac, Northern Trust, Origin Energy, the National Stock Exchange of Australia, Digital Asset, Fireblocks, Canvas, and Forte Tech Solutions), seven partner universities (Curtin, La Trobe, Macquarie, RMIT, UTS, University of Western Australia, and University of Wollongong), and four regulators (RBA, ASIC, APRA, Australian Treasury) to conduct research into digital finance innovation with an estimated AUD 24 billion annual economic potential for Australia.

DFCRC's research focuses on wholesale tokenized asset markets, central bank digital currency, mining and minerals tokenization, and impact investing through four flagship programs: Project Acacia (wholesale tokenized asset markets with 20+ use cases tested across issuance, servicing, trading, and settlement using wholesale CBDC, tokenized commercial bank deposits, stablecoins, and RBA exchange settlement account balances), the Australian CBDC Pilot Project (completed August 2023 with approximately 140 industry use cases and pilot CBDC issued as a real legal claim on the RBA), ImpactX Markets, and mining-focused digital finance initiatives. The organization achieved a world-first capability to issue pilot wholesale CBDC onto multiple distributed ledger platforms including Hedera, Redbelly Network, R3 Corda, Canvas Connect, and EVM-compatible networks. Educational programs include an MBA in Digital Finance (with UTS and Curtin University), Industry PhD scholarships (AUD 70,000 per annum for 3 years), PhD Top-Up scholarships (AUD 15,000 per annum), Honours scholarships (AUD 10,000 stipend), and an Affiliated Researchers Program.

DFCRC does not generate commercial revenue from its core research services. Its funding model rests on the 10-year AUD 181 million program envelope (Australian Government CRC grant plus industry partner contributions) supplemented by Digital Finance Ventures activities including tuition from the MBA program, scholarship co-funding, and partner engagement fees. The Centre is governed by a Board chaired by Neville Stevens AO and led by Co-CEOs Tālis Putniņš (Chief Scientist) and Elizabeth Reed (Chief Commercial Officer and Head of Digital Finance Ventures), with Dr Mark Staples serving as Chief Technology Officer (also Senior Principal Researcher at CSIRO's Data61). The organization is developing a Digital Financial Market Infrastructure Sandbox to provide industry with a structured pathway from experimentation to commercialization beyond the CRC program horizon.

Name

Digital Finance Cooperative Research Centre

Legal name

Digital Finance CRC Limited

Website

https://dfcrc.com.au

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

DFCRC is an Australian cooperative research centre conducting multi-stakeholder research into digital finance innovation — including tokenized asset markets, CBDC, and DLT infrastructure — for regulators (RBA, ASIC, APRA, Treasury), major financial institutions, and seven partner universities under a 10-year AUD 181M federally funded program.

Ownership category

akta.pro rank

Product category

Digital Finance Research and Education

NAICS

Scientific Research and Development Services (5417), Research and Development in the Physical, Engineering, and Life Sciences (except Nanotechnology and Biotechnology) (541715)

SIC

Services-Management Consulting Services (8742)

akta.pro primary industry

Corporate Deep Tech / R&D Commercialization CVC (FSANAHAL)

akta.pro secondary industry

Joint Venture CVC / Consortium Funds (Multi-corporate) (FSANAHAE)

Keywords

• Digital finance research
• Asset tokenization research
• Central bank digital currency
• Distributed ledger technology
• Wholesale market infrastructure

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D

Revenue model

1. Australian Government CRC Grant: The federal government provided $60 million grant through the Cooperative Research Centres Program to seed a commercially focused, decade-long research program. This is the primary government funding stream.
2. Industry Partner Contributions: The program attracted $121 million from industry partners including the Reserve Bank of Australia, National Australia Bank, Macquarie Bank, Origin Energy, the National Stock Exchange of Australia, and Digital Asset. Partners contribute funding in exchange for research collaboration and commercialization opportunities.
3. Digital Finance Ventures: Commercialization activities including industry PhD programs, MBA programs, and industry education programs generate revenue through tuition, scholarships, and partner engagement fees.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

DFCRC runs collaborative research and education programs on digital finance innovation, including the Project Acacia wholesale tokenized asset market program and the Australian CBDC Pilot Project with the Reserve Bank of Australia, plus the ImpactX Markets and Mining Projects research streams. It delivers an industry-based MBA in Digital Finance with UTS and Curtin University, Industry PhD and Honours scholarships, and an Affiliated Researchers Program to build specialist digital finance talent. The Centre does not sell commercial products; participation in research projects is by formal collaboration agreement and funded through an Australian Government CRC grant plus industry partner contributions.

Product overview

The Digital Finance Cooperative Research Centre (DFCRC) is a 10-year research program funded by industry partners, universities, and the Australian Government through the Cooperative Research Centres Program. DFCRC's mission is to unlock the $24 billion per year economic potential of digital finance innovation for Australia. The Centre operates research programs focused on wholesale tokenized asset markets, mining and minerals, and impact investing. Key research initiatives include Project Acacia (exploring digital money and settlement infrastructure for wholesale tokenized asset markets), the Australian CBDC Pilot Project, and ImpactX Markets. DFCRC also fosters digital finance leadership through education programs including an MBA in Digital Finance (with UTS and Curtin University), Industry PhD Scholarships ($70,000/year for 3 years), PhD Top-Up Scholarships ($15,000/year), Honours Scholarships ($10,000), and an Affiliated Researchers Program. The Centre collaborates with the Reserve Bank of Australia, ASIC, APRA, Treasury, and over 20 industry partner organizations.

Differentiator

Problem solved

Functional benefit

Products and services

• Project Acacia A joint research initiative with the Reserve Bank of Australia examining how digital money and settlement infrastructure could support wholesale tokenized asset markets. The project tested 20 use cases across issuance, servicing, trading, and settlement using various forms of digital money including wholesale CBDC, tokenized deposits, and stablecoins, with 24 industry participants selected (19 pilot use cases with real money, 5 proof-of-concept).
• Australian Central Bank Digital Currency Pilot Project A collaborative research project with the Reserve Bank of Australia exploring use cases and economic benefits of a central bank digital currency (CBDC) in Australia, involving a limited-scale pilot CBDC that was a real legal claim on the RBA and approximately 140 industry use cases.
• ImpactX Markets A research initiative focused on impact investing within the digital finance sector, examining how tokenization and digital assets can support sustainable and impact-focused financial markets.
• MBA in Digital Finance A specialised MBA program developed in collaboration with DFCRC, UTS, and Curtin University, designed to equip professionals with advanced skills required to lead in the evolving digital finance industry.
• Industry PhD Scholarship Collaborative industry-based PhD research scholarships worth AUD 70,000 per annum for 3 years, linking students to industry-driven research topics with significant industry partner embedding.
• PhD Top-Up Scholarship PhD scholarship providing additional AUD 15,000 per annum on top of the student's primary scholarship, renewable annually for up to three years, for research in digital finance at partner universities.
• Honours Scholarship Financial support of AUD 10,000 stipend for honours students conducting research in digital finance, with research feedback provided to recipients.
• Affiliated Researchers Program Program providing researchers and PhD students in digital finance with collaboration opportunities, research support, networking, co-authoring publications, and involvement in DFCRC projects and events.

Quantifiable outcome

• Digital finance innovation could deliver $24 billion in annual economic gains for Australia
• +2 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

17 partnerships are on record, tiered major and core.

• Digital Economy Council of Australia (DECA)majorStrategic or Co-development Partner · 20 May 2026DFCRC collaborated with DECA on the Economic Impact Potential of Digital Finance Innovation in Australia Report, estimating $24 billion annual economic opportunity.
• Council for the Digital EconomymajorStrategic or Co-development Partner · 18 May 2026Joint research partner on tokenization market analysis projecting A$24 billion annual economic benefit for Australia.
• Australian Securities and Investments Commission (ASIC)coreStrategic or Co-development Partner · 10 July 2025ASIC provides regulatory relief to support Project Acacia participants and is represented on the project Steering Committee. ASIC Commissioner Kate O'Rourke has publicly supported the research.
• Australian Prudential Regulation Authority (APRA)coreStrategic or Co-development Partner · 10 July 2025APRA is represented on the Project Acacia Steering Committee, contributing regulatory perspective on prudential considerations for tokenized asset markets.
• Australian TreasurycoreStrategic or Co-development Partner · 10 July 2025Australian Treasury is represented on the Project Acacia Steering Committee and is a key government stakeholder in digital asset policy development.
• RipplemajorStrategic or Co-development Partner · 10 October 2024Ripple collaborated with DFCRC and DECA on the 'Key Policy Reforms to Support Tokenisation of Real World Assets in Australia' report launched at Federal Parliament.
• Imperium MarketsmajorStrategic or Co-development Partner · 13 December 2022Imperium Markets partnered with DFCRC for Australia's first pilot to accelerate digital transition of wholesale Money Markets and Debt Capital Markets using DLT.
• Reserve Bank of AustraliacoreStrategic or Co-development Partner · 30 June 2021RBA is a key industry partner collaborating on strategic focus areas including supporting evolution of payments, research on CBDC, and digital finance innovation. RBA participates through its Innovation Lab and co-leads Project Acacia with DFCRC.
• Digital AssetcoreTechnology or Integration · 30 June 2021Digital Asset (partly-owned by ASX) is an industry partner providing blockchain technology expertise and platform capabilities for research projects.
• National Stock Exchange of AustraliamajorStrategic or Co-development Partner · 30 June 2021NSX is an industry partner interested in exploring how digital asset tokenization could impact exchange operations and market structure.
• Macquarie UniversitycoreStrategic or Co-development Partner · 30 June 2021One of seven partner universities providing academic research capability. Professor Dan Johnson serves as Pro Vice Chancellor Research, Innovation and Enterprise at Macquarie University and sits on DFCRC Board.
• University of Technology Sydney (UTS)coreStrategic or Co-development Partner · 30 June 2021Partner university with Professor Kathleen Walsh serving as Associate Dean (Research and Innovation) at UTS Business School and DFCRC Board member. DFCRC Co-CEO Talis Putniņš is Professor of Finance at UTS.
• RMIT UniversitycoreStrategic or Co-development Partner · 30 June 2021One of seven partner universities contributing research expertise in digital finance and blockchain technology.
• Curtin UniversitycoreStrategic or Co-development Partner · 30 June 2021Partner university contributing to mining and minerals tokenization research as part of DFCRC's focus areas.
• University of Western AustraliacoreStrategic or Co-development Partner · 30 June 2021Partner university contributing to mining and minerals sector digital finance research.
• University of WollongongcoreStrategic or Co-development Partner · 30 June 2021Partner university contributing to digital finance research programs.
• La Trobe UniversitycoreStrategic or Co-development Partner · 30 June 2021Partner university participating in digital finance research collaboration.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Digital Asset: DLT infrastructure provider and DFCRC industry partner building the Daml platform used across wholesale tokenization pilots; comparable as a co-developer of DLT-based market infrastructure for tokenized assets.
• R3: Enterprise DLT platform (Corda) used by DFCRC pilots and a DFCRC industry partner; comparable as a builder of regulated institutional blockchain infrastructure for capital markets.
• BIS Innovation Hub: Bank for International Settlements initiative that designs, builds, and tests wholesale CBDC and tokenization infrastructure across multiple central banks — the closest international analogue to DFCRC's Project Acacia and CBDC pilot work.
• Fireblocks: Digital asset custody and infrastructure platform selected as a lead Project Acacia participant; comparable in enabling wholesale tokenized asset settlement workflows.
• Canvas Connect: DLT-based settlement platform selected as a lead Project Acacia participant; comparable as a builder of wholesale tokenized asset settlement infrastructure.
• ConsenSys: Ethereum infrastructure and tooling provider that participated in Project Atom with DFCRC/RBA; comparable in delivering DLT-based financial market infrastructure pilots.
• Project Guardian (Monetary Authority of Singapore): MAS-led industry consortium testing asset tokenization and DeFi applications with major financial institutions, directly comparable in mandate, structure, and use-case design to DFCRC's Project Acacia.

Others

• Hedera: Public distributed ledger platform used by DFCRC for its pilot wholesale CBDC issuance; comparable as a foundational DLT infrastructure provider in the same research stack.
• Ripple: DLT payment and tokenization infrastructure company that co-authored DFCRC's 'Key Policy Reforms to Support Tokenisation of Real World Assets in Australia' report; comparable as a policy-shaping industry player in the same ecosystem.

Broad incumbents

• European Central Bank (Digital Euro Programme): Public central bank running large-scale CBDC research and DLT settlement experiments; comparable to DFCRC's mandate though broader in scope and incumbent in scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/DigiFinanceCRC

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Digital Finance Cooperative Research Centre