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

Published at: March 9, 2022

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, nonfungible tokens (NFT) and other crypto initiatives.

The newly 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 firm “will be focused on investing in tech startups across Web3, the metaverse, the NFT space, gaming, esports and fintech spaces.”

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

“Portfolio companies have the opportunity to access numerous Cake products, connections, users, resources, and expertise within the global blockchain industry.”

U-Zyn Chua, co-founder and chief technology officer 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 their project details with CDV, the company has also opened doors to other VC firms and investors for co-investment opportunities or strategic partnerships.

Related: Singapore saw 13x jump in crypto investments in 2021: KPMG

A new report from Big Four accounting firm KPMG highlighted a 10x increase in Singapore’s crypto-related investments last year — up from $110 million in 2020 to $1.48 billion in 2021.

As Cointelegraph reported, the substantial increase in crypto investments is primarily due to active governmental efforts to stimulate the capital market. Most notably, the Singapore government established a special-purpose acquisition company (SPAC) listing framework, which allows fast-growing firms and unicorns to go public.

Moreover, this year, the government has also taken proactive measures to regulate speculative digital assets.

Tags
Adoption
Nft
Business
Singapore
Defi
Web3
Venture Capital
Gaming
Related Posts
NFTs will bring crypto to billions of users, explains VC investor
Avichal Garg, the CEO and co-founder of Electric Capital, defines himself as “an NFT maximalist” – who believes that nonfungible tokens (NFTs) will play an essential role in bringing crypto to the masses. Unlike other crypto niches, NFTs are relatable to aspects of everyday life such as art, music and games. “I could imagine that NFTs are actually many billions of people because it's ultimately culture. And that's something that everybody can participate in and everybody can understand,” said Garg in an exclusive interview with Cointelegraph. In particular, Garg is bullish about NFTs being used in the gaming industry, which …
Adoption / Sept. 18, 2022
Adapt or die: Venture capital vs. crypto, blockchain, DAOs and Web 3.0
We have seen a steep adoption of crypto-based systems this year, including decentralized finance (DeFi) applications, nonfungible tokens (NFTs) such as digital art, crypto-centric gaming, and increased adoption of cryptocurrencies as investment and payment tools. One of the more recent developments is the emergence of decentralized autonomous organizations (DAOs). DAOs have existed since 2016, when The DAO organization, a new form of investment vehicle that attracted a sizable portion of Ethereum (ETH) tokens, raised more than $150 million at the time. Many saw The DAO as the ultimate form of human coordination. Yet, due to a reentrancy exploit, hackers stole …
Decentralization / Nov. 14, 2021
Crypto gaming and the monkey run: How we should build the future of GameFi
You’ve seen it before. An amazingly talented gaming founder teams up with a top-tier studio, promising to create a wondrous game experience built on the industry’s most powerful engines. But then, it happens: It’s paired with a dubious shitcoin that launches well before even a morsel of game content drops. In the not-so-distant past, mainstream media may have referred to the hype-fueled crypto bull market — but, with Bored Ape floor prices still in the clouds, we’ll respectfully call it what it is: the monkey run. Market volatility aside, Metaverse evangelists still claim that Web3 finance will revolutionize the way …
Adoption / May 21, 2022
Former head of TikTok gaming leaves Web2 to build core Web3 protocol
Cointelegraph had the opportunity to chat with Jason Fung, former head of gaming at TikTok, about his new company Meta0, why he decided to make the leap into Web3 and what he feels the future has in store for him. The former gaming head expressed an elevated level of excitement, proclaiming that it was Day One for the fledgling Metaverse technology startup. Fung explained that he plans to bring his wealth of knowledge and experience in gaming and software development to achieve a grander version of what the Metaverse could be. “Many Web2 companies are trying to figure out how …
Adoption / July 8, 2022
Angel investors vs. venture capitalists
Angel investors and venture capitalists are two types of private investors who provide funding for early-stage and growth-stage companies. However, there are some key differences between them that we will cover in this article. Who are angel investors? High-net-worth individuals who invest in companies at an early stage in exchange for equity in the business are known as angel investors. They frequently invest their own funds and take a more active approach to investment, offering advice and mentoring to the businesses they support. The well-known angel investors in the crypto world include: Roger Ver — He is known as “Bitcoin …
Adoption / Feb. 15, 2023