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Cake DeFi is going to fund cryptocurrency startups in Web3, Metaverse, NFT, Esports and FinTech.
Decentralized finance market participant Singapore-based Cake DeFi has announced the launch of a $100 million venture capital fund called Cake DeFi Ventures (CDV) and is slated to fund web3 cryptocurrency startups, blockchain games and NFTs.
Cake DeFi specializes in liquidity mining, staking and lending cryptocurrencies. Firms that join CDV will have access to all Cake DeFi products and services, and will be able to count on the help of professionals working in the global blockchain industry.
Cake DeFi co-founder and CTO U-Zyn Chua is confident that investing in early-stage crypto startups will expand the range of services the company offers. Cake DeFi is ready to discuss cooperation with other venture capital firms and investors in order to develop joint projects.
A recent report from KPMG stated that investments in the crypto industry in Singapore grew by about 13 times in a year. In 2020, the amount of investments was about $110 million, and in 2021 it is already $1.48 billion. Analysts believe that this was influenced by government initiatives aimed at developing the industry.
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