CakeDeFi, the leading decentralized finance protocols provider, has announced the launch of its new corporate venture arm.
The new venture arm, called Cake Ventures, will invest up to US$100 million in early-stage startups that are building projects and products around the CakeDeFi ecosystem.
Cake Ventures will be led by CakeDeFi co-founder and CEO Ameen Soleimani, who has a long track record of successful investments in the blockchain space.
"We're excited to launch Cake Ventures as a way to support the next generation of entrepreneurs building on CakeDeFi," said Soleimani. "With our strong community of users and developers, we believe CakeDeFi is well positioned to become the go-to platform for decentralized finance protocols."
CakeDeFi has been one of the most active investors in the space, with investments in over 30 projects to date. These include MakerDAO, Compound, Wyre, and dYdX.
"The launch of Cake Ventures is a natural extension of our existing investment strategy," said Soleimani. "We're looking forward to working with more great teams and helping them build the future of finance on CakeDeFi."
CakeDeFi is the latest in a string of companies to launch corporate venture arms. Others include Coinbase, Binance, and Galaxy Digital.
The launch of Cake Ventures comes as the decentralized finance space continues to heat up. In the past year, the total value locked in DeFi protocols has grown from US$1 billion to over US$13 billion. With CakeDeFi's new venture arm, the company is looking to support the next wave of innovation in the space.
CakeDeFi is the leading decentralized finance protocols provider. The company's mission is to power the future of finance with open protocols that enable anyone to access financial services anywhere in the world. CakeDeFi has raised over US$35 million from leading investors including a16z crypto, Polychain Capital, and Dragonfly Capital.