Blockchain
Cake DeFi Allots $100M to Foster Growth in Web3, Gaming and Fintech Startups Through New Corporate Venture Arm
● Cake DeFi is a fully transparent, highly innovative and regulated global fintech platform with over US$1 billion managed in customer assets. It empowers its user base, spanning over half a million registered users – and fast growing – to earn cash flow from their digital asset investments
● Cake DeFi has launched Cake DeFi Ventures, its US$100 million venture arm committed to accelerating growth of tech firms, with a focus on web3, gaming and fintech.
Singapore, Singapore–(Newsfile Corp. – March 9, 2022) – Cake DeFi, a Singapore-based fintech platform that makes DeFi (decentralised finance) services and applications accessible to everyone, has launched its corporate venture arm with US$100 million in earmarked capital.
Cake DeFi Ventures (CDV) will be focused on investing in tech startups across Web3, the metaverse, the NFT space, gaming, esports and fintech spaces that will bring synergistic value to Cake’s core business. Based in Singapore, CDV will look for global investment opportunities in startups across the world.
CDV is led by Cake DeFi’s Co-founders Dr Julian Hosp, CEO, and U-Zyn Chua, CTO. Dr Hosp is a seasoned blockchain entrepreneur, widely regarded as a leading influencer in the crypto and blockchain space with over one million followers across all his channels globally. His vision is to bring blockchain awareness and understanding to a billion people by 2025. U-Zyn, a blockchain engineer, enthusiast and investor for over a decade is highly passionate in decentralized systems design and development. Together, they formed Cake DeFi with the vision of building the world’s leading investment platform into DeFi and up-and-coming alternative assets from Singapore.
Portfolio companies of CDV can expect to receive strong support from Cake DeFi, and have the opportunity to access numerous Cake products, connections, users, resources, and expertise within the global blockchain industry.
“By launching Cake DeFi Ventures, we strive towards bringing cryptocurrency and blockchain capabilities to the world. With Cake’s current status as Singapore’s and Southeast Asia’s fastest-growing platform, projects which we invest in can expect to receive strong support scaling globally,” said Julian Hosp, Co-founder and Chief Executive Officer of Cake DeFi.
“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 enhance our Web3 offerings,” said U-Zyn Chua, Co-founder and Chief Technology Officer of Cake DeFi.
To apply for funding from CDV, please email [email protected] with the project details. The Cake DeFi team will get in touch with shortlisted projects. Venture capital firms or investment funds interested in co-investment opportunities or strategic partnerships may also reach out for further discussion.
ABOUT CAKE DEFI
Cake DeFi is a fully transparent, highly innovative and regulated fintech platform dedicated to providing access to decentralised financial services and applications by enabling users to generate returns from their crypto and digital assets. It is operated and registered in Singapore and is fully compliant with all regulatory requirements of the Monetary Authority of Singapore (MAS).
By enabling and empowering its users to harness the potential of decentralised finance (DeFi), Cake DeFi aims to educate and inform people around the world on crypto and DeFi in a simple, easy to understand and hassle-free manner.
In Q4 2021, Cake DeFi almost doubled its confirmed users, which it managed to grow by 10X in the whole of 2021. A total of US$230 million were paid out to customers as rewards during the year; US$75 million of it in the final quarter. The company grew its customers’ assets by 6X in 2021. Cake DeFi aims to pay US$400 million to customers as rewards by the end of 2022.
On the product side, the company is offering all kinds of decentralised asset classes on Cake DeFi, fulfilling its product roadmap for 2021. This includes Liquidity Mining, Staking, Freezer, and Lending. For this year, the company is planning to roll out a loan feature, which will be implemented in Q1 2022.
Furthermore, the company will start a new “cash flow visualisation by assets” page, to make it more user friendly, and a “learn & earn programme” to help new users kick-off their investment journey. Cake DeFi will also focus on integrating the entire DeFi ecosystem in a simple and straightforward manner.
Contact:
Nadav Dakner
[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116124
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This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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