The necessary innovation to make Web3 and decentralized gaming more accessible will come from the cryptocurrency industry. Numerous projects explore opportunities, and Cake DeFi wants to keep the momentum going. Through its $100 million Cake DeFi Ventures investment arm, the team will fund global startups focussed on Web3, gaming, and fintech.
Cake DeFi Ventures Is A Big Leap
It is intriguing to see an established project like Cake DeFi exploring new ways to fund the development of crucial industry verticals. The Singapore-based fintech platform makes decentralized finance products, services, and protocols more accessible to everyone, regardless of technical expertise. Entering the corporate venture space and committing $100 million in capital right away is a significant change, yet also marks an exciting direction for the broader industry.
Under the Cake DeFi Ventures banner, the team will invest in technology startups worldwide. Companies or groups working on the Metaverse, Web3, eSports, fintech, NFTs, or gaming ventures can apply for funding from CDV. Projects deemed eligible for funding will be shortlisted and reap the benefits from Cake DeFi’s growing network of partners, resources, tools, users, and industry expertise.
Cake DeFi Co-founder & CTO U-Zyn Chua adds:
“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 Web3 offerings.”
The year 2021 has been exciting for the blockchain and cryptocurrency industry. Overall, interest in this industry has grown by leaps and bounds. Moreover, new concepts, like NFTs, blockchain gaming, Metaverse, and Web3 now gain mainstream recognition. The launch of CDV marks a crucial milestone, confirming now is an excellent time to invest in the next generation of companies building exciting products, services, protocols, and infrastructure for these verticals.
The Ongoing Growth of Cake DeFi
Launching this venture arm marks another crucial milestone for the Cake DeFi team. Since the project’s inception, the platform has made accessing DeFi products and services more accessible to over half a million users. Moreover, the project’s co-founders – Dr. Julian Hosp and U-Zyn Chua – hope to bring blockchain understanding to a billion people by 2025. Solutions like Cake DeFi are crucial tools on the path to achieving that goal.
As a fully transparent, innovative, and regulated global fintech platform, Cake DeFi manages over $1 billion in customer assets. The platform notes a near 10x increase in userbase throughout 2021, yielding $230 million in rewards distributed to its customers. In addition, customers assets grew by 6x in 2021. For 2022, the company expects to pay $400 million in customer rewards, although that number may increase to $1 billion.
Today, Cake DeFi provides exposure to various decentralized asset classes. Users can explore multiple options, including liquidity mining, staking, freezer, and lending. A loan feature will be implemented shortly, creating another opportunity for users to put their digital assets to work. Additionally, they will add a new “cash flow visualization by assets” page to make the platform more user-friendly.
Newcomers and novices will benefit from the learn & earn program, which offers educational content and associated rewards. Despite the growing popularity of decentralized finance, there is still a strong need for educational efforts. Offering rewards to users educating themselves on all matters crypto and DeFi is a strong incentive.