Friday, 1 December 2023

Cake DeFi launches $100 million venture capital arm

5 min read

Cake DeFi, a Singapore-based fintech platform that makes decentralised finance (DeFi) services and applications accessible for everyone has launched Cake DeFi Ventures (CDV), its venture capital arm with $100 million in earmarked capital.

CDV is looking to invest in technology startups in Web3, gaming and fintech – especially those in the metaverse, NFT, blockchain and esports industries – that will bring synergistic value to Cake DeFi’s core business. Based in Singapore, CDV will look for global investment opportunities in startups around the world.

CDV is led by Cake DeFi’s co-founders Julian Hosp, CEO and U-Zyn Chua, chief technology officer, along with newly appointed investment partner Nicholas Khoo.

Hosp is a seasoned blockchain entrepreneur, widely regarded as a leading influencer in the crypto and blockchain space. His vision is to bring blockchain awareness and understanding to a billion people by 2025.

Chua, a blockchain engineer, enthusiast and investor for over a decade, was a Smart Nation fellow on blockchain for the Singapore government. He was also the lead architect for the world’s first central bank digital currency (CDBC) – the Sand Dollar in the Bahamas.

Khoo brings over 20 years in the tech sector with diversified experience in startups and multinationals such as Visa. For more than 10 years, Nicholas has invested in a number of successful and fast-growing tech startups and has also served on the investment committees of investors such as the Global Fund.

Portfolio companies of CDV will receive strong support from Cake DeFi’s global and experienced leadership team, and the opportunity to access Cake DeFi’s connections, resources and expertise within the global blockchain industry.

Hosp said, “By launching CDV, we want to bring cryptocurrency and blockchain capabilities to the world. Cake DeFi is one of Southeast Asia's fastest-growing fintech platforms. The projects that we invest in can expect to receive strong support scaling globally”.

Deploys first strategic investment into US-based The Edge Of Company 
At the time of CDV’s launch, the firm was in early to late-stage discussions with a number of global startups, including those in Southeast Asia, the U.S. and Europe. For its first strategic investment, Cake DeFi has selected tech, media and events startup, The Edge Of Company, which has been building the community and ecosystem for the NFT and Web3 space.

Jeff Kelley, co-founder of The Edge Of Company said, “The entire team at The Edge Of Company is honored to have CDV as part of the Edge family. Their know-how, relationships, and strategic insights will help propel this Web3 rocketship to new heights across our platform of tech, media and events”.

Chua said, “As an extension of our multiple blockchains support and having built up a research and development (R&D) arm with cryptography deep tech capability, investing in companies that bring synergies to Cake DeFi's core business will allow us to enhance and broaden our Web3 offerings”.

Re-disseminated by The Asian Banker

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