Cake DeFi, a Singapore-based company offering Decentralized Finance (DeFi) services, is elated to announce the launch of its corporate venture arm with $100 million in earmarked capital.
As per the announcement, Cake DeFi Ventures (CDV) will focus on global investment opportunities, especially tech startups cutting across Web3, the NFT space, metaverse, esports, gaming, and fintech. Cake DeFi hopes that this venture will help bring synergistic value to its core business.
Commenting on the CDV, Julian Hosp, Co-founder and Chief Executive Officer of Cake DeFi, explained:
“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.”
Notably, portfolio companies will receive strong support and access to numerous Cake DeFi resources such as connections, users, and expertise from its ecosystem through the venture.
U-Zyn Chua, Co-founder and Chief Technology Officer of Cake DeFi, added:
“As an extension of our multiple blockchains supports 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 to enhance our Web3 offerings.”
Cake DeFi is an all-in-one platform that allows users to manage their funds and generate high returns on their crypto in a fully transparent environment. Cake’s vision is to educate and inform users across the globe on Crypto and DeFi, helping them harness the potential within these innovations. The platform offers a ray of services, including liquidity mining, freezer, staking, and lending. Just recently, Cake Defi announced its plans to roll out a loan feature implemented in the first quarter of 2022.
Since its launch, the company has attracted significant traction in 2021. Most of this growth was seen in the last quarter when the platform almost doubled the number of confirmed users by 2021. In addition, Cake’s customers;’ assets increased by six times, paying out about $230 million to customers as rewards. The team behind the project is currently working to increase the payout amount to about $400 million. They believe this could go as high as $1 billion depending on crypto prices.
The company plans to start new pages dubbed ‘cash flow visualisation by asset’ and ‘learn & earn program’ in the coming days. These pages will help make the platform more user-friendly, especially for new users.