• Cake DeFi announces the establishment of a $100 million venture fund

  • Cake DeFi announced a new corporate venturing arm on Wednesday, with $100 million in additional funding to help web3, gaming, and fintech companies develop.

    Cake DeFi Ventures (CDV), a Singapore-based fintech platform, announced in a press release that it will explore for global investment possibilities in firms throughout the world.

    Cake DeFi co-founders Julian Hosp and U-Zyn Chua will lead the fund.

    “With Cake’s present standing as Singapore’s and Southeast Asia’s fastest-growing platform, projects that we invest in can expect tremendous help scaling internationally,” Hosp stated.

    Cake DeFi has developed fast in the last year, with plans to more than tenfold its user base by the end of 2021. According to the company, majority of this growth occurred in the fourth quarter, when confirmed users nearly doubled.

    The firm has already made its first investment in The Edge of Company, a media, events, and technology business. The specifics of the agreement were not disclosed.

    It enters a frenzied and razor-sharp market for crypto and web3 project investment. In recent months, a number of prominent players have announced substantial funds, including Paradigm’s $2.5 billion fund, FTX’s $2 billion venture fund, and Pantera Capital’s $1 billion fund.

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