Singapore’s Cake DeFi Pays Record $317 Million In Rewards To Customers

Cake DeFi announced that it has paid out over $317 million in rewards as of the end of Q1 2022 while continuing to see strong business growth of an average of almost 90% quarter-on-quarter since 2019. 

Cake DeFi Announced That They Paid Out A Record Of $317 Million In Rewards

Cake DeFi, the fully transparent, highly innovative fintech platform dedicated to providing access to decentralized financial services and applications and also the fastest-growing Singapore-based Decentralized Finance (DeFi) platform is celebrating its third anniversary today with a major milestone. In celebration of the third anniversary, the company announced that it has paid out over $317M in rewards as of the end of Q1 2022 while continuing to see a surge in business growth.

Dr. Julian Hosp, CEO, and Co-Founder of Cake DeFi, boasted about this achievement and revealed the next stage of what Cake DeFi has in store for its users, including their ambition to get listed on a public stock exchange, he 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 Web3 not just for consumers, but for businesses as well. It is our ambition to list Cake DeFi on a public stock exchange soon. We were offered a SPAC merger at $1.5 billion but we had turned it down earlier in the year.”

Cake DeFi Now Has $1 billion Managed In Customer Assets

Ever since the launch of Cake DeFi three years ago in 2019, the DeFi company, Cake DeFi had proven its mission of commitment to improving financial inclusion and advocating the responsible investment of crypto assets to generate passive income. The company now has $1B in total customer assets by offering lending, staking, and liquidity mining. The company is also close to a million registered users.

Cake DeFi Commits $1 million To Support Environmental, Social, And Governance (ESG) Initiatives.

Also today, the company announced that it will be committing a further $1M to support the development of a sustainable DeFi ecosystem as well as local CSR programs by committing this $1M to Environmental, Social and Governance (ESG) initiatives, to support the growth of the local tech and blockchain ecosystem.

Part of the company’s aim this year is to partner with SportCares or SportSG, the partnership will focus on a sport-based development program using basketball, paired with volunteering opportunities and enrichment workshops, so as to allow individuals that are are a fan of sports to experience and reap the benefits of sport by infusing confidence and heightening their outlook to life.

Cake DeFi Will Do An IPO On Public Stock Exchange To Accelerate Growth And R&D

U-Zyn Chua, CTO, and Co-Founder of Cake DeFi revealed that Cake DeFi is considering doing an IPO on a public stock exchange, so as to boost its growth including research and development. He 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 Web3. 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. ”        

Cake DeFi Has Now Secured License In Lithuania

Cake DeFi now has a key step that will stimulate Cake DeFi’s cryptocurrency registration and authorization in other EEA member states, the company announced today that it had reached a licensing milestone in the EU. This means they are now ratified to conduct services for exchanging cryptocurrency and to also provide and allocate cryptocurrency custodial wallets in Lithuania. This will promote the company for future conversion into an EU-wide cryptocurrency authorization when the EU Markets in Crypto-assets (MiCA) Regulations become effective. 

The company currently also now holds an immunity under the Payment Services Regulations 2019 granted by the MAS which allows the continuation of operation in and from Singapore while the MAS is processing its license application to conduct digital payment token services.

About Cake DeFi

Cake DeFi is a fully transparent, highly innovative fintech platform dedicated to providing access to DeFi services and applications by enabling its users to generate returns from their cryptocurrency and/or digital assets. It is operated and registered in Singapore and is 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.

Conclusion

Cake DeFi in the DeFi community, is like a core player, the company continues to actively align its development with the Monetary Authority of Singapore (MAS)’s greater vision, to unlock new economic value, develop Singapore’s crypto and decentralized ecosystem, enable a more seamless and efficient financial services, and enhance financial inclusion.

Cake DeFi is a member of the FinTech Association’s Web3 subcommittee in Singapore and an industry member of ACCESS’ Virtual Asset Payments Group. Cake DeFi aim is to continue helping both experienced and new investors generate returns on their cryptocurrencies and digital assets safely and securely.