Investment company Cake DeFi has launched a $100m venture capital arm, Cake DeFi Ventures.
Cake DeFi calls this a commitment to accelerate the growth of tech firms, and invest in gaming and fintech startups. The Singapore-based company plans to deploy its first investment in The Edge Of Company, a US media startup.
DeFi (an abbreviation of decentralised finance), aims to widen the scope of its services to mass accessibility, believing an earmarked capital investment of $100m will be enough to ensure its services are accessible for everyone.
Cake DeFi Ventures (CDV), the venture capital arm, notes its intention to invest in companies with specific roles in all of the metaverse, NFT, blockchain and esports industries. Cake DeFi believes investments in such companies will bring synergistic value to the company’s core business.
"By launching Cake DeFi Ventures, we want to bring cryptocurrency and blockchain capabilities to the world. The projects that we invest in can expect to receive strong support scaling globally" Dr. Julian Hosp, Cake DeFi Ventures Co-Founder
Dr. Julian Hosp said: "By launching Cake DeFi Ventures, we want to bring cryptocurrency and blockchain capabilities to the world. Cake DeFi is one of Southeast Asia's fastest-growing fintech platforms. The projects that we invest in can expect to receive strong support scaling globally."
Public hearings into The Star to begin next week
Adam Bell SC will carry out public hearings into The Star Casino from 17 March 2022, the New South Wales Independent Liquor & Gaming Authority has announced.
Bell will be given the powers, authorities, protections and immunities of a Royal Commission while conducting the review, according to ILGA Chair Philip Crawford.
Bell will now conduct hearings on several issues where he has determined that witnesses should be giving evidence publicly. The independent review of the Australian casino operator has mostly been conducted in private thus far.
Crawford commented: “Mr Bell’s review will consider how effectively The Star is complying with its statutory obligations and whether it remains suitable to hold a casino licence.
“This includes examining to what extent the casino is free from the infiltration of criminal interests such as money laundering and how well it is administering its obligations to minimise gaming harms.
“The Star is responsible for ensuring adequate anti-money laundering and counter-terrorism financing systems are in place and for thoroughly vetting and managing relationships with close associates, junket partners and high rollers.”
Any high-profile misgivings may remind readers of Crown Resorts, which has gone through many similar hearings over the last 24 months.
VGCCC appoints Annette Kimmitt as CEO
The Victorian Gambling and Casino Control Commission (VGCCC) has appointed Annette Kimmitt AM as its new CEO.
The executive will begin the role on 21 March 2022, having been appointed following an extensive recruitment process.
Kimmitt has over 37 years of professional and commercial experience, previously serving as CEO and Managing Partner of the Australian law firm MinterEllison from 2018 to 2021.
Before that, she served as the Global Growth Markets Leader at multinational professional services firm Ernst & Young, having previously held other leadership roles at the group, including Asia-Pacific Accounts Managing Partner, Melbourne Managing Partner and Managing Partner Assurance.
In January 2021, Kimmitt became a Non-Executive Director, Chair of the Audit and Risk Committee and Member of the Investment Committee of investment company Mirrabooka Investments Ltd, and in May 2021 became a Non-Executive Director of Trawalla Group.
Electronic gaming distributor APE drops Spintec’s next-gen craps in Macau
“Mr. Bell’s review will consider how effectively The Star is complying with its statutory obligations and whether it remains suitable to hold a casino licence” Philip Crawford, ILGA Chair
Asian electronic table game distributor APE has installed The Karma’s Craps Gen-2 in an undisclosed integrated resort in Macau.
The delivery of the next-generation table game, produced by Slovenian manufacturer Spintec, is another in a line of table games produced by Spintec and distributed by APE.
The eight-seater Karma Gen-2 integrates two games to its latest version of craps; with the table games’ first-generation model receiving high-performance praise since its launch in 2020.
Spintec’s Regional Sales Manager, Mitja Dornik, has said of the latest game model: “We are so glad to hear this good news and we appreciate the professional arrangement and assistance provided by APE to make this happen.
“It has been ten years since Spintec started the partnership with APE in 2012. APE is our exclusive distribution trusted partner in Macau and Singapore’s new cooperation project.”
