Cake DeFi launches $100 million venture arm to fund web3, gaming and fintech startups 🚨 This article is 3 years old...
Cake DeFi launches $100 million venture arm to fund web3, gaming and fintech startups
Based in Singapore, Cake DeFi Ventures will fund tech startups that complement the company’s core business.
2 min read
Updated: Mar. 9, 2022 at 3:54 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Singapore-based fintech platform Cake DeFi recently announced the launch of its corporate venture arm–Cake DeFi Ventures (CDV).
With $100 million in earmarked capital, CDV will focus on investing in promising Web3, Metaverse, NFT, gaming, esports and fintech startups.
Cake DeFi will leverage strong support to CDV portfolio companies
The newly launched venture arm is led by Cake DeFi’s Co-founders Dr. Julian Hosp, CEO, and U-Zyn Chua, CTO.
“By launching Cake DeFi Ventures, we strive towards bringing cryptocurrency and blockchain capabilities to the world. With Cake’s current status as Singapore’s and Southeast Asia’s fastest-growing platform, projects which we invest in can expect to receive strong support scaling globally,” commented Hosp, known as a seasoned blockchain entrepreneur and a leading influencer in the crypto space–with over one million followers across all of his channels globally.
According to the press release, CDV portfolio companies can expect receiving strong support from Cake DeFi, and benefit from gaining access to numerous Cake products, connections, users, resources, and expertise within the global blockchain industry.
In a bid to enhance the platform’s Web3 offerings
“As an extension of our multiple blockchains support and having built up an R&D arm with cryptography deep tech capability and specialization, investing in companies that bring synergies to Cake DeFi’s core business will allow us enhance our Web3 offerings,” explained U-Zyn Chua.
Cake DeFi is a highly innovative and fully regulated fintech platform focused on providing access to DeFi services and applications, while allowing users to generate returns from their crypto.
The company is offering a plethora of decentralized asset classes on Cake DeFi, including Liquidity Mining, Staking, Freezer, and Lending. In addition, the company is planning to roll out a loan feature in Q1 2022.
The platform is dedicated to educating and informing people around the world on crypto and DeFi, and managed to grow its confirmed users by 10 times in 2021.
According to the press release, Cake DeFi paid $230 million to customers as rewards during the past year alone.
