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
Blockchain
Phoenix Group Engages BHM Capital as Liquidity Provider to Boost ADX Liquidity and Enhance Market Dynamics
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Blockchain
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
In a recent communication directed to Treasury Secretary Janet Yellen, US Senator Elizabeth Warren has strongly advocated for the incorporation of robust Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures specifically tailored for stablecoins. Senator Warren’s correspondence underscores the critical importance of adopting the full array of AML tools outlined by the Treasury Department in a prior November 2023 communication to Congress.
Senator Warren has underscored the burgeoning threat posed by cryptocurrencies, particularly stablecoins, to national security. She has specifically drawn attention to instances where entities like Iran and Hamas have turned to cryptocurrencies as a means to raise funds and support terrorist activities. To effectively address this evolving threat landscape, Senator Warren asserts that any forthcoming crypto legislation must encompass comprehensive AML/CFT authorities as requested by the Treasury Department.
Moreover, Senator Warren has made reference to the testimony provided by Deputy Secretary Adewale O. ‘Wally’ Adeyemo before the Senate Committee on Banking, Housing, and Urban Affairs. In this testimony, Adeyemo emphasized the critical need for additional AML authorities to combat the growing menace posed by cryptocurrencies. Senator Warren has pointed out that the exclusion of crucial actors within the digital asset ecosystem, such as miners and validators, from AML/CFT requirements could potentially enable nefarious actors to exploit the increased crypto trading facilitated by stablecoin legislation.
Senator Warren’s steadfast stance on the regulation and oversight of cryptocurrencies is aligned with her prior efforts aimed at curbing illicit activities and safeguarding consumers, the financial system, and national security interests. She has persistently advocated for the closure of loopholes in AML regulations that allow sanctioned entities like Iran to derive revenue through crypto transactions. Furthermore, Senator Warren has consistently voiced concerns regarding the exploitation of cryptocurrencies in terrorist financing schemes and has called for the implementation of stronger regulatory frameworks to protect both consumers and national security interests within the realm of stablecoin-related legislation.
Source: blockchain.news
The post Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins appeared first on HIPTHER Alerts.
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