Singapore-based decentralized financial services (DeFi) firm Cake DeFi has announced the launch of a $100 million investment arm designed to be used as accelerators for Web3, games, non-fungible tokens (NFTs) and other crypto initiatives.
The newly created $100 million Cake DeFi Ventures (CDV) will fund crypto startups that complement the company’s core business. According to Cake DeFi, the investment firm will “focus on investing in tech startups across the Web3, metaverse, NFT, gaming, esports, and fintech space.”
Cake Defi’s main package includes liquidity mining, crypto placement and lending, with the goal of generating high profits from existing cryptocurrencies. In addition to receiving CDV funding, the announcement came as follows:
“Wallet companies have access to a range of kik products, connections, users, resources, and expertise in the global blockchain industry.”
Investing in early crypto startups “will enable us to improve our Web3 offering,” said Wu-Zin Chua, co-founder and chief technology officer of Cake DeFi. In addition to advising relevant startups to share project information with CDV, the company has also opened doors for venture capital firms and other investors for co-investment opportunities or strategic partnerships.
Related Topic: Cryptocurrency Investment Growing 13X in Singapore in 2021: KPMG
A new report from accounting firm Big Four KPMG indicates a 10-fold increase in crypto-related investments in Singapore last year, from $110 million in 2020 to $1.48 billion in 2021.
As Cointelegraph reported, the significant growth in cryptocurrency investments is primarily due to the government’s active efforts to stimulate the capital market. In particular, the Singapore government has created a Special Purpose Listing (SPAC) structure that allows high-growth companies and unicorns to be listed on the exchange.
In addition, this year the government has also taken active measures to regulate speculative digital assets.
