DeFi services company from Singapore Cake DeFi reportedly disclosed details related to the introduction of a $100 million venture division, focusing on Web3, gaming, NFT, and other crypto projects.

Specifically, the freshly rolled out $100 million venture division, dubbed Cake DeFi Ventures (CDV), will reportedly financially support crypto startups that align with the firm’s core business. 

Per Cake DeFi, the venture entity “will be focused on investing in tech startups across Web3, the metaverse, the NFT space, gaming, esports, and fintech spaces.”

Cake DeFi’s primary suite of services includes liquidity mining, staking, and lending of cryptocurrencies, looking to achieve high returns from the current portfolio of crypto holdings. 

“Portfolio companies have the opportunity to access numerous Cake products, connections, users, resources, and expertise within the global blockchain industry.” The firm further shared, apart from receiving CDV’s funding. 

U-Zyn Chua, co-founder, and chief technology officer of Cake DeFi, additionally disclosed that making investments in early-stage crypto startups “will allow us to enhance our Web3 offerings.”

Apart from generating advice for associated startups to share the specifics of the initiative with CDV, the firm has reportedly also established a window of opportunity for different VC entities and investors, in terms of co-investment opportunities or strategic collaborations.

A report carried out by Big Four accounting firm KPMG reportedly emphasized a ten-fold surge regarding Singapore’s crypto-associated investments in 2021, from $110 million in 2020 to $1.48 billion the following year.