Cake DeFi, a cryptofinance platform based in Singapore, has published its Q2 Transparency Report, detailing the firm’s performance over the period. The firm performed well despite the fact that Q2 2022 was the worst quarter ever for the cryptocurrency market. A record number of new customers, newly financed accounts, and payouts all contributed to Cake DeFi’s best quarter yet.
Cake DeFi overcomes the odds
Cake DeFi dispersed US$58M in rewards to its customers over the period. With this latest payment, the grand total paid out since inception is US$375M. The company added 3.25% more users per week on average in the second quarter. More importantly, the platform has a positive cash flow. About a million people worldwide are currently using Cake DeFi’s services, giving it a total managed asset value of over $1 billion. Cake attributes some of its financial success to its emphasis on the customer service experience. The company, for instance, implemented a fully automated KYC system with approval timeframes of just three minutes.
As previously mentioned, the cryptocurrency market has had a devastating effect on most companies. Companies across the board have been suffering heavy losses. Some, like Coinbase, have cut back on employees and others, like Celsius, have declared bankruptcy. Cake DeFi, in contrast to its rivals, is profitable and actively expanding. In the extremely improbable scenario of a complete loss of revenue, the company has enough cash on hand to operate for at least four years.
The Cake DeFi Board has chosen to further diversify the company’s treasury, which will help the company build on its existing financial stability. For this reason, it plans to make a public investment of 15 million dUSD in decentralized assets like dTSLA and dTLT. As a result of the broad decline in market prices, this could also have significant upside potential. Cake will make this entirely transparent, allowing anyone interested to track its development.