This tech and consulting firm operates out of Singapore. Cake DeFi is launching a $100 million They're putting together a financial package that is squarely aimed at fostering Web3, the Metaverse, and NFT innovations. .
The core focus of this fund is to aggressively nurture startups in these domains, helping to expand this budding ecosystem.
In an interview with CoinDesk, Dr. Julian Hosp, who heads Cake DeFi, emphasized how the fund is crafted to support collaborations with promising projects.
Dr. Hosp explained, 'We operate on a consumer-centric model, facilitating straightforward cash flow for our clients, and thus we're looking to partner with complementary projects.'
More Support for New Tech
This initiative, known officially as Cake DeFi Ventures (CDV), will target early-stage projects in areas like Web3, NFT platforms, the metaverse, gaming, eSports, and fintech. The ideal candidates align with the company's essential values.
Under the leadership of Dr. Julian Hosp as CEO and U-Zyn Chua as CTO, Cake DeFi is a comprehensive decentralized finance platform offering robust investment opportunities through various services such as liquidity mining, staking, and lending.
In addition to financial investment, startups can also benefit from additional resources.
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Startups supported by the fund will gain access to Cake DeFi’s suite of products, industry connections, user base, and expertise within the blockchain sector, as stated in the announcement.
To further bolster their strategy, a new partner, Nicholas Khoo, has joined to spearhead this investment initiative.
Cake DeFi shared in a press release that before even unveiling CDV, they were already engaging with startups across Southeast Asia, Europe, and the U.S.
U-Zyn Chua, a co-founder of Cake DeFi, expressed that the investment into synergistic firms will essentially enhance and diversify their Web3 offerings, building on their multi-blockchain support and R&D efforts in cryptography.
More Investment Coming
Massive amounts of money are flowing into crypto investments as government involvement in the sector grows. Regulators are simultaneously taking steps to encourage and monitor capital markets.
The NFT space, despite positive funding news, has witnessed a reduction in trading activity as market enthusiasm cools.
Despite an astonishing year where trade volumes hit multiple billions, NFT trading on OpenSea has faced a notable downturn recently.
Data from Delphi Digital indicates that trading volume on OpenSea plummeted by more than 70%, but interestingly, the number of active traders has increased.
A Dynamic Market
The drop in trading on OpenSea can be attributed in part to multiple setbacks, leading to losses worth millions in digital assets for users.
A user interface issue at OpenSea allowed some people to exploit the platform, purchasing NFTs for less than their listed value by transferring them between wallets without unlisting them.
To address this, OpenSea revised its smart contract system, urging all users to migrate their Ethereum listings to a revamped contract.
The aftermath included a phishing attack on the platform, and speculations suggest it might be linked to the transition process.
There's no clear-cut reason for the dip in NFT trading volumes, but some suspect that vulnerabilities in the market have dampened investor spirits. Political factors also contribute as they shift focus to digital forms of investment and transactions.
Google Trends data recently showed a steep decline in NFT and metaverse searches, with interest dropping by 60 to 70% compared to late January peaks, primarily driven by users in the U.S. and Japan.
Nicholas Say, originally from Ann Arbor, Michigan, has a travel-rich background with significant time spent in Uruguay before moving to the Far East. His work is widely published online, centering on realistic technological advancements.
