Tuesday, October 4, 2022

Cake DeFi Raises $100M in Funds for a New Venture Firm

Cake DeFi, a Decentralized Finance startup has introduced the launch of its corporate venture arm, Cake Defi Ventures, setting aside $100 million in funds for the new offshoot. CDV’s focus will be directed towards the development of web3, gaming, and investing in tech startups.

Cake DeFi is a fintech platform based in Singapore and it is aimed at making decentralized financial services and cryptocurrencies available and usable for everyone. It provides several services ranging from purchasing Bitcoin, Ethereum, or Defi chain directly with Euro/Dollar, staking, liquidity mining, lending amongst others with the motives of generating huge rewards for its users.

The new venture firm will finance crypto startups that will align with Cake Defi’s services. According to the Parent company’s plans, the funds will be directed at investing in tech startups across web3, the metaverse, the Non-Fungible Token (NFT) space, gaming, sports, and fintech spaces.

Co-founder and Chief Technology Officer of Cake Defi U-Zyn Chua noted that funding crypto startups allow the platform to expand its web3 offerings. The firm also welcomes invitations from different investors and partners in addition to its advisory services for the startup.

Julian Hosp, also a Co-founder of Cake Defi believes the startup that they invest in can leverage Cake’s reputation as the fastest-growing platform to receive global support and recognition.

Recent news from an accounting firm KPMG has shown that crypto investment has risen ten times in Singapore the previous year from $110 Million in 2020 to $1.48 Billion in 2021. The notable rise in the investment can be traced to the government’s effective policies in the market, one of which is the establishment of special-purpose acquisition company SPAC, a listing company that projects growing firms to the public.

Several big players have announced big funds recently in relation to NFTs and web3, amongst them is Electric Capital’s $1 billion funding as reported by cryptomarketsbeat.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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