A Singapore-based DeFi services platform, Cake DeFi, announces the launch of a $100 million venture arm.
The Cake DeFi Venture fund will invest in Web 3 and metaverse startups, NFTs, gaming esports, and fintech spaces. These are the areas where Cake DeFi’s primary business currently lacks visibility.
Cake DeFi co-founders Julian Hosp and U-Zyn Chua are set to lead the venture arm.
The venture fund will provide investment firms with money, expertise, and industry connections. Julian Hosp however stated that the fund will take a hands-off approach when it comes to operational responsibilities and board positions.
U-Zyn Chua added, “As an extension of our multiple blockchains support 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 Web 3 offerings.”
Cake DeFi thus enters a hot market for crypto and web3 investment projects with this initiative. In recent months, a couple of big firms have launched huge crypto-related funds. Just a day back, Bain Venture Capital announced the launch of a $560M crypto fund which is set to focus extensively on the crypto market.