Tech

Cake DeFi lancéiert $ 100M Venture Arm fir Web3, Gaming an Fintech Initiativen

03/09/2022
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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.

Den nei lancéierten $ 100 Milliounen Venture Arm, Cake DeFi Ventures (CDV), wäert Krypto Startups finanzéieren déi de Kärgeschäft vun der Firma ergänzen. Laut Cake DeFi, wäert d'Venturefirma "konzentréiert sinn op Investitiounen an Tech Startups iwwer Web3, de Metaverse, den NFT Raum, Gaming, Esports a Fintech Plazen."

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.

Verbonnen: Singapur huet 13x Sprong a Krypto-Investitiounen am Joer 2021 gesinn: 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.