Cake DeFi, a Singapore-based decentralized finance investment platform has launched its new $100 million venture capital arm to invest in innovative technology companies.
As announced by the startup, the new venture capital will be spread over a 24 month period, and the funds will be allocated to external startups that can guarantee its long term growth.
With a specific focus on investing in Web3, gaming and fintech startups, Cake DeFi Ventures will trail the same path as its counterparts in today’s Web3.0 ecosystem.
“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,” said Julian Hosp, Co-founder and Chief Executive Officer of Cake DeFi.
As noted, the current Asian location of Cake DeFi will not impede the venture capital’s growth to other markets globally. The plan is to invest in as many innovative and promising startups globally, irrespective of the country of origin of the firms. In showcasing its main diversity tenets, the company revealed it has made its first investment in US-based media startup, The Edge Of Company, Inc.
As a platform that offers value investing to the public, Cake DeFi has seen enormous growth since its inception. The platform grew its userbase by ten-fold in 2021 to 400,000, while paying a total of $230 million to its customers within the time frame. According to the platform, the new venture arm will be a complement to its growth strides as it seeks to expand its Web3.0 offerings.
“As an extension of our multiple blockchains support 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 enhance our Web3 offerings,” said U-Zyn Chua, Co-founder and Chief Technology Officer of Cake DeFi.
Besides Cake DeFi, Binance, Avalanche Blockchain, and even the European Union have also floated their own ecosystem funds to power similar innovations in the Web3.0 world.
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Source: https://blockchain.news/news/cake-defi-floats-100m-venture-fund-for-web3.0