Cake Defi, based in Singapore, raises capital of $ 100 million for venture arm

Cake Defi, based in Singapore, raises capital of $ 100 million for venture arm

The new sector Cake Defi Ventures (CDV) will concentrate its investments on Web3, the meta-verse, the NFT area, games, eSports and fintech areas that will benefit its core business.

"In order to be growing and innovative, we have to use external technologies and startups and work with them," Florian Preiss, marketing manager at Cake Defi, told Blockworks. Part of the internal funds of the platform will be attributed to the low in venture, said Preiss.

The venture arm is led by the company's co-founders, Julian Hosp, CEO, and U-Zyn Chua, Chief Technology Officer. Although the company is based in Asia, it will invest in other options worldwide.

Cake Defi is a fintech platform that manages over $ 1 billion in customer assets. It focuses on the development of defi services (decentralized finances) and applications such as liquidity reduction, staking and lending, which generate cryptocurrency returns for users.

The user base grew ten times in 2021 to over 400,000 users, and during this period, bonuses of $ 230 million were paid to customers. The company plans to pay around 74 % more or $ 400 million in premiums to customers by the end of this year.

This initiative by Cake Defi is the latest thrust for growth and capital in the field of meta -verse, games and nft (not fungal tokens). In general, the investments in these sub -sectors have increased significantly in recent months, since crypto -based companies and supporters bundle capital equally.

Last month, Gamestop and Immutable also played a 100 million dollar fund for gaming nfts. In January, Mechanism Capital set up its own $ 100 million funds, which focuses on play-to-ear games. In November, FTX, Lightspeed Venture Partners and Solana Ventures merged to found an investment initiative for web3 gaming of $ 100 million, as Blockworks previously reported.

Hosp and Chua started deficin, A Layer-1-Blockchain , in May 2020, distributed in May 2020 $ Dfi tokens to partners, including Cake Defi, via an Airdrop. Hosp was previously a co-founder of Tenx The unfortunate crypto payment company, the April 2021 closed .

"We are expanding our horizon to use the advantages of international growth," said Preiss. "The acceptance of crypto not only grows with private investors, but also with institutional investors. Although we are based in Singapore, Krypto is a global phenomenon that brings people together and overcomes all boundaries."

The contribution "Cake Defi based in Singapore starts capital of $ 100 million for venture arm" is not a financial advice.