Cake DeFi shines while firms crumble amid crypto winter

Check out our top articles for the week [Read from your browser]( Top Stories of The Week Hello {NAME} There’s something unreal about the crypto scene. To oversimplify, where else can JPEGs be sold for the price of a sports car and startups with no revenue raise hundreds of millions of US dollars (unless you’re [Adam Neumann]( Cake DeFi is also defying gravity in its own way and remains seemingly unscathed even while other crypto lenders have collapsed. Profitable? Check. Bootstrapped? Check. Fast-growing? Check. In this article, I look at the nuts and bolts of what the Singapore-based company is trying to do. Can it keep its momentum going? Who can tell? But given how ambitious it is, it won’t be for a lack of trying. -- [Terence Lee]( Editor In Chief at Tech in Asia --------------------------------------------------------------- TOP STORIES THIS WEEK 1. [How this rarest of unicorns is shrugging off the crypto winter]( Cake DeFi said that it hit US$65 million in quarterly revenue just two years after it was founded. And that’s not all it’s touting. 2. [National Gallery Singapore dabbles in blockchain and NFTs]( The museum is also planning to launch a decentralized autonomous organization next year. But dealing with public perception will be tricky. 3. [To take VC money or not: Indonesia’s profitable bootstrapped startups at a crossroads]( Sustainability is becoming an important investment criteria for many VCs, but profitabity may prove a tough nut to crack for startups. 4. [Mapping out SEA’s digital defenders]( The cybersecurity sector has seen increasing investments over the last five years, with Singapore taking the crown as the regional hub. 5. [Sea Group’s financial health in 9 charts]( We put our finger on the pulse of Sea Group, Southeast Asia’s largest internet company. 6. [Fallout at PayMongo: alleged harassment by CEO, founder departures, growth woes]( PayMongo has grown fast amid the pandemic. Now, with C-suite leader departures and allegations of harassment, it faces its biggest test yet. 7. [Exclusive: Bukalapak founders’ fund backs early round of Indonesian coding test firm]( Algobash says its product is "on par" with global peers like HackerRank and Codility, which have become popular in Southeast Asia due to the lack of local options. 8. [Org Chart: The people running Shopee]( We look at the team behind Shopee, which is gunning for profitability in Southeast Asia and Taiwan by 2023. 9. [Tencent’s financial health in 5 charts]( Here are five charts, updated every quarter, that present a snapshot of how Tencent’s financials are doing. 10. [Co-living firms rise above Singapore’s rent hike]( While soaring rents continue to affect locals and expats alike, co-living firms are doubling down on expansion plans to make the most of a downturn. --------------------------------------------------------------- TECH IN ASIA CONFERENCE Did you know there are three events within the Tech in Asia Conference, designed specifically for early-stage founders? [Apply by September 1]( for the chance to gain investor access, cash prizes, and brand visibility through these flagship segments! - [Speed Dating]( Have up to one hour of meeting booked with the most relevant investors at Tech in Asia Conference - [Startup Factory]( Take a booth in the heart of the venue to get your brand and product in front of the tech community - [Startup Arena]( Five ESG founders pitch live on the Main Stage to a panel of investors to win part of a US$24,000 cash prize --------------------------------------------------------------- EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - *Event* [Tech in Asia Conference]( on Sept 15th at Menara Mandiri, Indonesia and on 21st - 22nd at Marina Bay Sands, Singapore. 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