Cake DeFi will support startups in the fintech, gaming and web3 ecosystems.
Cake DeFi, a Singapore-based fintech platform that makes DeFi (decentralised finance) services and applications accessible to everyone, announced the launch of its corporate venture arm.
According to the press release shared with CryptoAdvisor, the company has allocated $100 million to the new venture arm. Called the Cake DeFi Ventures (CDV), the entity will invest in tech startups across Web3, the metaverse, the NFT space, gaming, esports and fintech spaces.
The investments are designed to bring synergistic value to Cake’s core business. Julian Hosp, Co-founder and Chief Executive Officer of Cake DeFi, commented;
“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.”
Cake DeFi’s Co-founders, Dr. Julian Hosp, CEO, and U-Zyn Chua, CTO, will lead the venture capital arm.
Dr. Hosp wants to bring blockchain awareness and understanding to a billion people by 2025. U-Zyn, a blockchain engineer, enthusiast and investor for over a decade, is highly passionate about decentralized systems design and development. U-Zyn Chua stated;
“As an extension of our multiple blockchains supports 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 to enhance our Web3 offerings.”
The team stated that portfolio companies of CDV can expect to receive strong support from Cake DeFi, and have the opportunity to access numerous Cake products, connections, users, resources, and expertise within the global blockchain industry.
Cake DeFi is a regulated fintech platform dedicated to providing access to decentralised financial services and applications. The platform enables users to generate returns from their crypto and digital assets.