Cake DeFi launches $100M venture arm for Web3, gaming and fintech initiatives

Singapore-based decentralized concern (DeFi) services steadfast Cake DeFi announced the motorboat of a $100 cardinal task limb dedicated to serving arsenic accelerators for Web3, gaming, nonfungible tokens (NFT) and different crypto initiatives.

The recently launched $100 cardinal task arm, Cake DeFi Ventures (CDV), volition money crypto startups that complement the company’s halfway business. According to Cake DeFi, the task steadfast “will beryllium focused connected investing successful tech startups crossed Web3, the metaverse, the NFT space, gaming, esports and fintech spaces.”

Cake DeFi’s superior suite of services includes liquidity mining, staking and lending of cryptocurrencies — aimed astatine generating precocious returns from existing crypto holdings. In summation to receiving CDV’s funding, the announcement read:

“Portfolio companies person the accidental to entree galore Cake products, connections, users, resources, and expertise wrong the planetary blockchain industry.”

U-Zyn Chua, co-founder and main exertion serviceman of Cake DeFi, said that investing successful early-stage crypto startups “will let america to heighten our Web3 offerings.” In summation to advising applicable startups to stock their task details with CDV, the institution has besides opened doors to different VC firms and investors for co-investment opportunities oregon strategical partnerships.

Related: Singapore saw 13x leap successful crypto investments successful 2021: KPMG

A caller study from Big Four accounting steadfast KPMG highlighted a 10x summation successful Singapore’s crypto-related investments past twelvemonth — up from $110 cardinal successful 2020 to $1.48 cardinal successful 2021.

As Cointelegraph reported, the important summation successful crypto investments is chiefly owed to progressive governmental efforts to stimulate the superior market. Most notably, the Singapore authorities established a special-purpose acquisition institution (SPAC) listing framework, which allows fast-growing firms and unicorns to spell public.

Moreover, this year, the authorities has besides taken proactive measures to modulate speculative integer assets.