Fintech Platform Cake DeFi Creates $100M Venture Capital Arm

The Singapore-based company will invest in Web 3, NFTs and fintech projects.

AccessTimeIconMar 9, 2022 at 11:25 a.m. UTC
Updated Mar 9, 2022 at 3:53 p.m. UTC
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Brandy covers crypto-related venture capital deals for CoinDesk.

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Cake DeFi, a crypto fintech platform based in and regulated in Singapore with over $1 billion in managed customer assets, has invested $100 million of its own money to form the new Cake DeFi Ventures (CDV) investment arm, according to a press release provided to CoinDesk.

  • Cake DeFi said it offers a one-stop decentralized finance platform where users can buy, lend and stake cryptocurrencies, among other services.
  • It said CDV will focus on investing in tech startups across Web 3, the metaverse, non-fungible tokens, gaming esports and fintech spaces where Cake’s core business currently lacks exposure.
  • CDV will be led by Cake DeFi CEO Julian Hosp and Chief Technical Officer U-Zyn Chua, who both co-founded the firm.
  • “We’re a [business to consumer] platform that’s really centered around providing easy cash flow for our customers,” Hosp told CoinDesk in an interview. “So the thesis for the fund is mainly to look for projects and companies where we can have a symbiosis.”
  • “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 Web 3 offerings,” said Chua in the press release.
  • The fund will offer money, insights and industry connections to investment companies, but Hosp said the fund will take a hands-off approach in terms of operational responsibilities and board seats.

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Brandy covers crypto-related venture capital deals for CoinDesk.