Decentralized finance (DeFi) and Web3 incubator Cumberland Lab of cryptocurrency trading powerhouse Cumberland DRW LLC is coming out of hiding and into the public eyes.
Singapore-based DeFi incubator Cumberland Lab has been formed in secrecy since March. According to Cumberland Lab chief Naveen Agnihotri, the company now has staffs of around 20, with five more to be added this week.
Agnihotri said Cumberland Lab currently provides assistance to several DeFi projects, though he declined to disclose further details.
Cumberland Lab is said to have two broad initiatives, one of them is to incubate incoming projects, and the other is to launch its own projects.
The lab also scour the ecosystem for projects that do not exist in the ecosystem but should be built. Agnihotri explained that they would create a team, fund them, manage them, and launch the project themselves.
The Cumberland DRW partners founded Cumberland Lab, but in truth, it’s not a DRW or Cumberland entity, Agnihotri explained. He emphasized that Cumberland Lab is a different company and has its own management and decisions.
