Singapore-based Cake DeFi, known for providing decentralized finance services, is launching a multi-million dollar venture arm to help startups in Web3, gaming, NFT and other crypto initiatives. The division will fund start-ups that complement the company’s core business.
LEARN MORE ABOUT CAKE DEFI’S HELP FOR NFT STARTUPS
The company provides services such as mining, staking and lending of cryptocurrencies in order to generate high profits from existing crypto holdings. Cake DeFi is confident that their startup investment initiative will help improve their Web3 offerings. In addition, the company seeks to partner with other investors and venture capital companies to co-invest in technology startups in the fields of Web3, metaverse, NFT, gaming, esports and fintech.
It is worth noting that recently in Singapore, the direction of crypto investments has increased tenfold. Last year alone, capital increased from $110 million to $1.48 billion. This is primarily due to government decisions to stimulate the financial market. To do this, the Singapore government has created a SPAC-based listing system that helps fast-growing companies and multibillion-dollar companies go public without going through the IPO procedure