Singapore-based decentralized finance (DeFi) services firm Cake DeFi announced the launch of a $100 million venture arm dedicated to serving as accelerators for Web3, gaming, non-fungible tokens (NFTs), and other crypto initiatives. .
The recently launched $100 million venture arm, Cake DeFi Ventures (CDV), will fund crypto startups that complement the company’s core business. According to Cake DeFi, the venture will “focus on investing in tech startups in Web3, the metaverse, the NFT space, gaming, esports, and fintech spaces.”
Cake DeFi’s core suite of services includes cryptocurrency liquidity mining, staking, and lending, with the aim of generating high returns from existing cryptocurrencies. In addition to receiving funding from CDV, the ad stated:
“Portfolio companies have the opportunity to access Cake’s numerous products, connections, users, resources and expertise within the global blockchain industry.”
U-Zyn Chua, co-founder and CTO of Cake DeFi, said that investing in early-stage crypto startups “will allow us to enhance our Web3 offerings.” In addition to advising relevant startups to share the details of their projects with CDV, the company has also opened the doors to other venture capital firms and investors for co-investment opportunities or strategic partnerships.
Related: Singapore Saw a 13x Increase in Cryptocurrency Investments in 2021: KPMG
A new report from Big Four accounting firm KPMG highlighted a 10-fold increase in crypto-related investments from Singapore last year, from $110 million in 2020 to $1.48 billion in 2021.
As Cointelegraph reported, the substantial increase in crypto investments is mainly due to active government efforts to stimulate the capital market. In particular, the Singapore government established a Special Purpose Acquisition Company (SPAC) listing framework, which allows fast-growing companies and unicorns to go public.
Additionally, this year, the government has also taken proactive steps to regulate speculative digital assets.
This post Cake DeFi Launches $100M Venture Arm for Web3, Gaming and Fintech Initiatives
was published first on https://cointelegraph.com/news/cake-defi-launches-100m-venture-arm-for-web3-gaming-and-fintech-initiatives