Cake DeFi launches $100M venture arm for Web3, gaming and fintech initiatives
Singapore-based decentralized finance (DeFi) providers agency Cake DeFi introduced the launch of a $100 million enterprise arm devoted to serving as accelerators for Web3, gaming, nonfungible tokens (NFT) and different crypto initiatives.
The newly launched $100 million enterprise arm, Cake DeFi Ventures (CDV), will fund crypto startups that complement the corporate’s core enterprise. Based on Cake DeFi, the enterprise agency “might be centered on investing in tech startups throughout Web3, the metaverse, the NFT house, gaming, esports and fintech areas.”
Cake DeFi’s major suite of providers contains liquidity mining, staking and lending of cryptocurrencies — aimed toward producing excessive returns from current crypto holdings. Along with receiving CDV’s funding, the announcement learn:
“Portfolio firms have the chance to entry quite a few Cake merchandise, connections, customers, assets, and experience inside the world blockchain trade.”
U-Zyn Chua, co-founder and chief expertise officer of Cake DeFi, stated that investing in early-stage crypto startups “will permit us to boost our Web3 choices.” Along with advising related startups to share their mission particulars with CDV, the corporate has additionally opened doorways to different VC companies and traders for co-investment alternatives or strategic partnerships.
Associated: Singapore noticed 13x bounce in crypto investments in 2021: KPMG
A brand new report from Massive 4 accounting agency KPMG highlighted a 10x enhance in Singapore’s crypto-related investments final yr — up from $110 million in 2020 to $1.48 billion in 2021.
As Cointelegraph reported, the substantial enhance in crypto investments is primarily as a consequence of lively governmental efforts to stimulate the capital market. Most notably, the Singapore authorities established a special-purpose acquisition firm (SPAC) itemizing framework, which permits fast-growing companies and unicorns to go public.
Furthermore, this yr, the federal government has additionally taken proactive measures to manage speculative digital belongings.