Singapore’s Cake DeFi Pays Record $317 Million in Rewards to Customers
June 7, 2022 – Singapore, Singapore
Cake DeFi, the fastest-growing Singapore-based decentralized finance (DeFi) platform, celebrated its third anniversary today with a key milestone. The company announced that it has paid out over $317 million in rewards as of end Q1 2022 while continuing to see robust business growth of an average of almost 90% quarter-on-quarter since 2019.
Dr. Julian Hosp, CEO and co-founder of Cake DeFi, said,
“Our third anniversary is an important milestone for us. Despite the recent downturn in crypto prices, we have continued to experience tremendous growth in the past three years. We are now one of the fastest-growing decentralized finance (DeFi) platforms in Asia. This is only made possible by relentlessly creating value for our customers we paid out a staggering $317 million in rewards in just three years.
“We achieved this by creating a safe and secure one-stop platform for consumers to easily access DeFi services. The next stage of our growth will come from building access to DeFi and Web 3.0 not just for consumers but for businesses as well. It is our ambition to list Cake DeFi on a public stock exchange in the near future. We were offered a SPAC merger at $1.5 billion but we had turned it down earlier in the year.”
Since its launch in 2019, Cake DeFi has been committed to its mission of enhancing financial inclusion and advocating the responsible investment of crypto assets to generate passive income. With over $1 billion of total customer assets on the platform and close to a million registered users, Cake DeFi aims to continue helping both experienced and new investors generate returns on their cryptocurrencies and digital assets safely and securely.
Headquartered in Singapore, Cake DeFi is a key player in the DeFi community and continues to actively align its development with Monetary Authority of Singapore (MAS)’s greater vision, to develop Singapore’s crypto and decentralized ecosystem, unlock new economic value, enhance financial inclusion and enable more seamless and efficient financial services.
Cake DeFi is a member of the Singapore FinTech Association’s Web 3.0 subcommittee and an industry member of ACCESS’ Virtual Asset Payments Group. Earlier this year, Cake DeFi also launched a $100 million venture capital arm to accelerate startups in the Web 3.0, eSports, gaming and fintech spaces.
Cake DeFi today also announced that the company is committing a further $1 million to environmental, social and governance (ESG) initiatives to support the development of a sustainable DeFi ecosystem as well as local CSR programs.
This year, Cake DeFi will partner with SportCares to enable vulnerable individuals to experience and reap the benefits of sport by instilling confidence and elevating one’s outlook on life. The partnership with SportSG will focus on a sport-based development program using basketball, paired with volunteering opportunities and enrichment workshops.
Cake DeFi also today announced that it had reached a licensing milestone in the EU and is now authorized to conduct services for exchanging cryptocurrency, and providing and administering cryptocurrency custodial wallets in Lithuania. This is a key step and will facilitate Cake DeFi’s cryptocurrency registration and authorization in other EEA member states and for future conversion into an EU-wide cryptocurrency authorization when the EU Markets in Crypto-assets (MiCA) regulations become effective.
Cake DeFi currently holds an exemption under the payment services (exemption for specified period) regulations 2019 granted by the MAS, which allows it to continue operating in and from Singapore while the MAS is processing its license application to conduct digital payment token services.
U-Zyn Chua, CTO and co-founder of Cake DeFi, said,
“R&D is in the DNA of any good tech firm. Our R&D arm birthday research makes up a third of our company’s strength and was formed to develop best-in-class blockchain innovations to drive the evolution of Web 3.0. These innovations will in turn create more value for our customers with market-leading products in the DeFi space.
“In the coming quarters, users can look forward to a revolutionary DeFi product that will bring unbeatable yields to the industry. And as we integrate more blockchains into our platform, we will be able to deliver even more sophisticated DeFi products to our users.”
About Cake DeFi
Cake DeFi is a fully transparent, highly innovative fintech platform dedicated to providing access to decentralized financial services and applications by enabling users to generate returns from their crypto and digital assets. It is operated and registered in Singapore and subject to applicable laws and regulations in Singapore.
By enabling and empowering its users to harness the potential of DeFi, Cake DeFi aims to educate and inform people around the world on crypto and DeFi in a simple, easy to understand and hassle-free manner.
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Author: ChainWire
