Cake DeFi launches $100 million venture fund

Singapore-based cryptocurrency fintech platform Cake DeFi has established a venture arm with $100 million in capital, CoinDesk reports.

Cake DeFi Ventures (CDV) will focus on investments in startups in Web 3.0, metaverses, NFTs, gaming and fintech.

The venture fund will be led by Cake DeFi’s CEO Julian Hosp and CTO Yu Jin Chu.

The firm positions itself as a provider of a decentralised finance platform where users can buy and sell cryptocurrencies, participate in staking and lending, among other services.

We are a platform focused on delivering a steady cash flow for our clients. Accordingly, the primary aim of our fund is to identify projects and companies with which we can form a symbiotic relationship,

In addition to investments, the fund will offer ideas and industry connections to help, but will not sit on the boards of startups, he clarified.

Earlier in January, FTX launched its venture arm. the derivatives exchange allocated $2 billion to its fund.