CakeDeFi, a global fintech platform, has great funding news for tech companies.
The Singapore company has launched CakeDeFi Ventures, a $ 100 million venture division aimed at accelerating the growth of technology companies.
Focus: Web3, Metaverse, Non-Fungible Tokens, Games, Esports, FinTech.
“To become a bakery, you just have to stop looking for answers and bake cakes,” the company said. Tweet on Friday.
“Just bake the cake”
Decentralized Finance (DeFi) aims to provide financial services without intervention. In the traditional financial system, banks are the primary depository of funds and guarantee the exchange of funds. With DeFi, users store their funds in their personal wallets. Transactions are made directly from user to user via blockchain and digital contracts (called smart contracts) created by a particular app.
Cake DeFi has over $ 1 billion in managed customer assets. The CDV is headed by CakeDeFi co-founder Julian Hosp and Chief Technology Officer U-Zyn Chua.
The fund has led the first investment, a media, event and technology venture called the Edge of Company.
“By launching CakeDeFi Ventures, we are committed to bringing cryptocurrency and blockchain capabilities to the world,” Hosp said in a statement.
“With Cake’s current status as the fastest growing platform in Singapore and Southeast Asia, we can expect the projects we invest in to receive strong support for expanding globally.”
“By investing in companies that synergize with Cake DeFi’s core business, we will be able to enhance our Web3 products,” said U-Zyn.
“Roadmap for this rocket ship”
Last month, former professional kite surfer Hosp said in a blog post that Cake DeFi was able to nearly double and increase the number of confirmed users in the fourth quarter. 10 times that of 2021.
He said the company increased its client assets in the fourth quarter, six times more than last year, despite falling cryptocurrency prices.
Towards the middle of the year, Hosp said CakeDeFi has roboadvisership features for several blockchain ecosystems focused on DeFi.
“We want Ten times more customer assets, CakeDeFi is considered worth at least $ 10 billion at this point, “he said.
Hosp said the 10-year long-term goal will make CakeDeFi “a world-leading investment platform for DeFi and up-and-coming alternative assets.”
“If this rocket ship’s roadmap doesn’t excite you, I don’t know what will happen,” Hosp said. “2021 was already astounding. 2022 will bring CakeDeFi into the global investment environment.”
In 2021, venture capitalists invested more than $ 33 billion in cryptocurrency and blockchain startups, marking a milestone year, according to a report by Bitcoin company Galaxy Digital.
“Founder-friendly environment”
The crypto / blockchain space rating was more than double (141% higher) than the remaining venture capital space in the fourth quarter, the report said. allocation. “
Earlier this week, Bain Capital Ventures, the VC division of Bain Capital, launched a $ 560 million fund focused on the field of cryptocurrencies.
According to Bloomberg, Bain Capital’s crypto fund will focus on investing in early-stage crypto protocols that work in the DeFi and Web3 categories.
In February, California venture capital firm Sequoia promised nearly $ 600 million to become a more aggressive investor in cryptocurrencies.
The company said the Sequoia Crypto Fund was one of the first sub-funds to invest from the company’s new capital structure, the Sequoia Capital Fund.
Venture capital Andreessen Horowitz has invested in crypto investment app CoinSwitch, crypto and Web3 infrastructure company Alchemy, privacy-focused blockchain app Aleo, and blockchain startup Solana Labs, which develops the technology used in DeFi.
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