Singapore-based Cake DeFi establishes $100M venture arm

Singapore-based Fintech platform Cake DeFi has now formed its new venture arm called ‘Cake DeFi Ventures (CDV).’ Per the press release, the company has infused $100 million of its own money to invest in Web3, gaming, non-fungible tokens (NFTs), metaverse, and other cryptocurrency startups.

With over $1 billion in assets under management, Cake DeFi provides several services such as liquidity mining, staking, buying and lending of cryptocurrencies, and more. Its new venture capital subsidiary will look for global investment opportunities in crypto-related startups.

In addition, CDV will be led by Cake DeFi co-founders Dr. Julian Hosp and U-Zyn Chua, who are currently serving as the CEO and CTO of the firm, respectively. Chua noted in the press release:

“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.”

The DeFi platform came under regulatory scrutiny earlier this year after Germany’s financial regulator BaFin claimed that Cake DeFi was operating in the country without any relevant licenses, and launched an investigation.

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