Singapore’s Cake DeFi Pays Record $317 Million in Rewards to Customers & More News Here

June 7, 2022 – Singapore, Singapore

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Cake DeFi, the fastest-growing Singapore-based decentralized finance (DeFi) platform, celebrated its third anniversary right this moment with a key milestone. The firm introduced that it has paid out over $317 million in rewards as of finish Q1 2022 whereas persevering with to see sturdy enterprise progress of a mean of just about 90% quarter-on-quarter since 2019.

Dr. Julian Hosp, CEO and co-founder of Cake DeFi, stated,

“Our third anniversary is a vital milestone for us. Despite the latest downturn in crypto costs, now we have continued to expertise great progress in the previous three years. We are actually one of many fastest-growing decentralized finance (DeFi) platforms in Asia. This is barely made attainable by relentlessly creating worth for our prospects – we paid out a staggering $317 million in rewards in simply 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 dedicated to its mission of enhancing monetary inclusion and advocating the accountable funding of crypto property to generate passive earnings. With over $1 billion of whole buyer property on the platform and shut to one million registered customers, Cake DeFi goals to proceed serving to each skilled and new traders generate returns on their cryptocurrencies and digital property safely and securely.

Headquartered in Singapore, Cake DeFi is a key participant in the DeFi group and continues to actively align its growth with Monetary Authority of Singapore (MAS)’s larger imaginative and prescient, to develop Singapore’s crypto and decentralized ecosystem, unlock new financial worth, improve monetary inclusion and allow extra seamless and environment friendly monetary providers.

Cake DeFi is a member of the Singapore FinTech Association’s Web 3.0 subcommittee and an business member of ACCESS’ Virtual Asset Payments Group. Earlier this yr, Cake DeFi additionally launched a $100 million enterprise capital arm to speed up startups in the Web 3.0, eSports, gaming and fintech areas.

Cake DeFi right this moment additionally introduced that the corporate is committing an additional $1 million to environmental, social and governance (ESG) initiatives to assist the event of a sustainable DeFi ecosystem in addition to native CSR packages.

This yr, Cake DeFi will accomplice with SportCares to allow susceptible people to expertise and reap the advantages of sport by instilling confidence and elevating one’s outlook on life. The partnership with SportSG will deal with a sport-based growth program utilizing basketball, paired with volunteering alternatives and enrichment workshops.

Cake DeFi additionally right this moment introduced that it had reached a licensing milestone in the EU and is now licensed to conduct providers for exchanging cryptocurrency, and offering and administering cryptocurrency custodial wallets in Lithuania. This is a key step and can facilitate Cake DeFi’s cryptocurrency registration and authorization in different EEA member states and for future conversion into an EU-wide cryptocurrency authorization when the EU Markets in Crypto-assets (MiCA) rules turn out to be efficient.

Cake DeFi at the moment holds an exemption below the cost providers (exemption for specified interval) rules 2019 granted by the MAS, which permits it to proceed working in and from Singapore whereas the MAS is processing its license utility to conduct digital cost token providers.

U-Zyn Chua, CTO and co-founder of Cake DeFi, stated,

“R&D is in the DNA of any good tech agency. Our R&D arm birthday analysis makes up a 3rd of our firm’s energy and was shaped to develop best-in-class blockchain improvements to drive the evolution of Web 3.0. These improvements will in flip create extra worth for our prospects with market-leading merchandise in the DeFi house.

“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 totally clear, extremely revolutionary fintech platform devoted to offering entry to decentralized monetary providers and purposes by enabling customers to generate returns from their crypto and digital property. It is operated and registered in Singapore and topic to relevant legal guidelines and rules in Singapore.

By enabling and empowering its customers to harness the potential of DeFi, Cake DeFi goals to educate and inform individuals world wide on crypto and DeFi in a easy, straightforward to perceive and hassle-free method.

Contact

Leticia Chua

 

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