Cake DeFi is a DeFi (Decentralised Finance) services firm based in Singapore. The firm has declared to launch a $100 million venture arm committed to serving as accelerators for Web 3.0, non-fungible tokens (NFTs), gaming, esports, and other cryptocurrency initiatives.
Cake DeFi Ventures has newly launched its $100 million venture that will help fund cryptocurrency startups, complementing the firm’s core business. In accordance with Cake DeFi, the firm will be fully absorbed in investing and funding tech startups, and the firm’s primary services suite includes lending and staking of cryptocurrencies and liquidity mining. All these activities aim at producing high returns from the currency crypto holdings.
On top of receiving Cake DeFi Ventures’ funding, the portfolio companies will earn a chance to access several Cake products, users, resources, connections as well as expertise in the blockchain industry worldwide.
The chief tech officer and co-founder of Cake, U-Zyn Chua, mentioned that the investments in the early-stage cryptocurrency startups would enable the platform to improve its Web 3.0 offerings. Other than advising important startups to offer the details of their projects with CDV, the firm has also welcomed other Venture Capital investors and firms to utilize their strategic partnerships and co-investment opportunities.
Big Four accounting company KPMG released a fresh report that highlighted an increase of ten times in crypto-based investments in Singapore alone in 2021. This is a significant leap from $110 million to $1.48 billion in just one year.
As reported by CoinTelegraph, the significant increase in cryptocurrency investments is essentially due to the active efforts made by the governments with an aim to stimulate and encourage the capital markets. What is worth mentioning is that the government in Singapore has established a SPAC (Special-purpose Acquisition Company) listing framework that allows the fast-growing companies to go public. In addition to this, the government has taken dynamic measures in 2022 to regulate digital assets and speculative investments made in this sphere.