Cake DeFi Pays out Record $317 Million in Rewards to Customers

Cake DeFi Pays out Record $317 Million in Rewards to Customers

Cake DeFi, one of the fastest-growing Decentralized Finance (DeFi) platforms, based out of Singapore, celebrated its third anniversary today with a key milestone. The company announced that it has disbursed over $317 million in rewards in 3 years as of March 2022 while continuing to see strong business growth of an average of almost 90% quarter-on-quarter (QoQ) since 2019.

 

Cake DeFi’s CEO and Co-Founder, Dr Julian Hosp, said that the third anniversary is a crucial milestone for the company and despite the recent slippages in digital currency prices, the company has grown at a rapid pace in the last 3 years. He went further on to say “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 US$1.5 billion but we had turned it down earlier in the year.”

 

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Since its launch in 2019, Cake DeFi has been committed to its vision of increasing financial inclusion and encouraging the responsible investment in digital assets to generate passive income. With over $1 billion of total user assets on the platform and close to a million registered customers, Cake DeFi plans 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 one of the key players in the DeFi community and continues to actively align its growth with the Monetary Authority of Singapore (MAS)’s greater vision, to develop Singapore’s crypto and decentralized ecosystem, create new economic value, increase financial inclusion, and enable 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 US$100 million venture capital arm to accelerate start-ups in the Web3, eSports, gaming and Fintech spaces.

 

 

Today, Cake DeFi also announced that the company is spending a further $1 million on 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 allow vulnerable individuals to experience and reap the benefits of sports by instilling confidence and elevating one’s outlook on life. The partnership with SportSG will focus on a sport-based personality development program using basketball, paired with volunteering opportunities and enrichment workshops.

 

Also Read: Crypto Billionaire Sam Bankman-Fried Could Spend $1B In The 2024 Election

 

Cake DeFi also announced that it had reached a licensing milestone in the European Union (EU) and is now authorized to offer services for exchanging cryptocurrency, and providing and administering digital currency custodial wallets in Lithuania. This is a key step in its growth and will facilitate the company’s digital currency 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 operations in and from Singapore while the MAS is processing its license application to conduct Digital Payment token services.