New partnership between Cake DeFi, dApp developed on the Binance Smart Chain, and FACEIT, the leading eSports platform.

Cake DeFi and FACEIT together for GameFi

Cake DeFi, the famous dApp built on Binance Smart Chain in September 2020 by an anonymous team of developers, is ready to enter the promising gaming market. 

According to market research by specialist firm Cross Border Growth Capital, 2021 was a real boom year for the e-gaming and eSports sector, with around $175 billion in revenue and over 2.7 billion players worldwide. The Asian market is certainly the most promising and numerous with over 1.2 billion gamers.

The outlook for the future looks very promising, at least according to research by one of the leading gaming market research and analysis companies, Newzoo.

Forecasts for the gaming market

The analyst firm says that by 2024 the global gaming market will reach $218 billion in consumer spending, while mobile gaming is expected to earn $116.4 billion. 

The cloud gaming market is also expected to amass $6.5 billion while eSports will see $1.6 billion realized.

This is why platform Cake DeFi has decided to enter this market with a partnership with FACEIT. 

In March, the Singapore-based company set up a $100 million venture capital fund with the aim of investing in Web3, gaming, NFT, metaverse and other crypto initiatives.

The goals of the new partnership 

This new agreement is part of a new strategy to develop Web3, metaverse and virtual gaming.

The FACEIT platform was founded in London in 2012 and has quickly become a benchmark in the gaming industry, with over 23.5 million users worldwide. 

The platform acts as a hub for the gaming community, with tournaments and matchmaking services present within it. 

In 2022, it was announced that FACEIT and eSports company ESL would be acquired by Savvy Gaming Group (SGG), a holding company owned by Saudi Arabia’s Public Investment Fund. As part of the acquisition, the two companies will merge and form the ESL FACEIT group.

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