Singapore’s Cake DeFi Awards Massive Rewards to Customers

Cake DeFi, a fast-growing DeFi platform based in Singapore, celebrated its 3rd birthday today with an important milestone. The company said it had paid US$317 Million in rewards by the end of Q1 2022 as it continues to see robust growth in its business.

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 US$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 in the near future. We were offered a SPAC merger at US$1.5 billion but we had turned it down earlier in the year.” 

Said the  CEO and Co-Founder of Cake DeFi, Dr Julian Hosp

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Cake DeFi has been enhancing financial inclusion and advocating for responsible investment of crypto assets to earn passive income since its launch in 2019. 

Cake DeFi has nearly one million registered users and over a billion USD customer assets. It aims to help new and experienced investors generate income on their digital assets and cryptocurrencies securely and safely.

Cake DeFi is a major payer in the DeFi community and continues to align its developments with the Monetary Authority of Singapore and its greater vision of growing Singapore’s decentralised ecosystem and enhancing financial inclusion.

Cake DeFi also announced that the company would commit USD 1 million to  Environmental, Social and Governance initiatives to ensure the sustainability of the DeFi ecosystem and local CSR programs.

Cake DeFi plans to partner with Sports Cares and focus on a sport-based program for development using basketball, enrichment workshops, and other volunteering opportunities.

Another major announcement today was that Cake DeFi has been licensed in the EU and can now conduct its business that is issuing and managing cryptocurrency custodial wallets in Lithuania. This key step will facilitate Cake DeFi’s crypto registration and authorisation in other states and when the EU markets in crypto regulation become effective.

Cake DeFi holds an exemption  (Exemption for Specified Period) under payment services issued by MAS, permitting it to continue operating in Singapore while the license application to carry out digital payment services.

The CTO and Co-Founder of Cake DeFi, U-Zyn Chua, 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. ”