Singapore-based Cake DeFi Launches $100M in Capital for Venture Arm

Cake DeFi Ventures will focus its investments across Web3, the metaverse, the NFT space, gaming, esports and fintech spaces that will benefit its core business

article-image

Blockworks exclusive art by axel rangel

share

key takeaways

  • Cake DeFi is a fintech platform that manages over $1 billion in customer assets through liquidity mining, staking and lending
  • The venture arm will be led by the company’s co-founders Julian Hosp, CEO, and U-Zyn Chua, chief technology officer

Singapore-based platform Cake DeFi has launched its corporate venture arm with $100 million in capital, the firm told Blockworks on Wednesday.

The new venture arm, Cake DeFi Ventures (CDV) will focus its investments across Web3, the metaverse, the NFT space, gaming, esports and fintech spaces that will benefit its core business, it said. 

“In order to grow and innovate, we have to leverage and engage with external technologies and startups,” Florian Preiss, Cake DeFi’s marketing manager, told Blockworks. A part of the platform’s internal funds will be attributed to the venture arm, Preiss said.

The venture arm will be led by the company’s co-founders Julian Hosp, CEO, and U-Zyn Chua, chief technology officer. While the company is based in Asia, it will invest in other opportunities globally.

Cake DeFi is a fintech platform that manages over $1 billion in customer assets. It focuses on creating DeFi (decentralized finance) services and applications like liquidity mining, staking and lending, which generates cryptocurrency returns for users.

Its user base grew ten-fold in 2021 to over 400,000 users, and $230 million in rewards were paid out to customers during that time frame, it said. The company plans to pay out about 74% more, or $400 million, in rewards to customers by the end of this year.

This initiative by Cake DeFi is the latest push for growth and capital in the metaverse, gaming and NFT (non-fungible token) space. In general, investments in these subsectors have ramped up in the past few months as crypto-based companies and supporters alike pool capital into the space.

Last month, GameStop and Immutable also launched a joint $100 million fund for gaming NFTs. In January, Mechanism Capital created its own $100 million fund focused on play-to-earn gaming. In November, FTX, Lightspeed Venture Partners and Solana Ventures joined forces to create a $100 million Web3 gaming investment initiative, Blockworks previously reported.

Hosp and Chua launched DeFiChain, a layer-1 blockchain based on bitcoin, in May 2020, distributing a $DFI token to partners including Cake DeFi via an airdrop. Hosp previously was a co-founder of TenX, the ill-fated crypto payments company which shut down in April 2021.

“We are expanding our horizon to harness the benefits that come with international growth,” Preiss said. “The adoption of crypto grows not only among retail investors but also institutional investors alike. Even though we are based in Singapore, crypto is a global phenomenon that brings people together and overcomes any boundaries and borders.”

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (10).png

Research

Innovations on Aptos’ technical design through Raptr, Shardines, and Zaptos approach near-optimal latency and throughput by unlocking 100% utilization of network resources, with the capacity to settle 260k transactions per second with latencies less than 800ms. The original Move language was revamped with the launch of Move 2, supporting more expressivity in smart contract logic and a scalable ability to interact with high volume datasets. The ecosystem has benefitted from strong asset inflows, now hosting over $1.3B in stablecoins, $450M in bridged BTC, and $530M in RWAs. Activity in the Aptos ecosystem has grown notably over the past year, with monthly application revenue reaching ~$835k and monthly DEX volumes growing to over $5B, both at new all time highs.

article-image

Interchain Labs will focus on sovereign L1s and institutional demand, abandoning plans for smart contracts on the Cosmos Hub

article-image

Also, only three tokens have outperformed bitcoin so far this year: XMR, HYPE and SKY

article-image

The fund group has submitted proposals in recent months for other funds that would hold litecoin, solana, XRP, HBAR, Sui and others

article-image

Momentum’s back — BTC leads, risk assets follow

article-image

Ondo Finance’s acquisition of blockchain development company Strangelove follows its buy of Oasis Pro

article-image

Cryptocurrency and stock traders alike had a lot to unpack Wednesday