Cake DeFi, a Singapore-based decentralised finance (DeFi) services provider, has announced the formation of a $100 million venture arm focused on Web3, gaming, non fungible tokens (NFT), and other crypto activities.
Cake DeFi Ventures (CDV), the company’s new $100 million venture arm, will invest in crypto firms that complement Cake DeFi’s main business. According to Cake DeFi, the venture capital firm will “focus on investing in breakthrough firms spanning Web3, the metaverse, the NFT sector, gaming, esports, and fintech domains.”
Cake DeFi’s main services include cryptocurrency liquidity mining, staking, and lending, all of which are geared on making large returns from existing crypto holdings.
Cake DeFi co-founder and CTO U-Zyn Chua stated that investing in early-stage crypto businesses “would help us to strengthen our Web3 capabilities.” CDV has opened doors to other VC firms and investors for co-investment options and strategic collaborations, in addition to urging appropriate companies to share their project details with the company.
It’s a wrap for this story.