Singapore’s Cake DeFi Pays Report US$317 Million In Rewards To Prospects

Home » Singapore’s Cake DeFi Pays Report US$317 Million In Rewards To Prospects

Singapore, Singapore, seventh June, 2022, Chainwire

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

“Our third anniversary is a vital milestone for us. Regardless of the latest downturn in crypto costs, now we have continued to expertise great progress previously three years. We at the moment are one of many fastest-growing Decentralized Finance (DeFi) platforms in Asia. That is solely made attainable by relentlessly creating worth for our prospects – we paid out a staggering US$317 million in rewards in simply three years. We achieved this by making a secure and safe one-stop platform for shoppers to simply entry DeFi companies. The following stage of our progress will come from constructing entry to DeFi and Web3 not only for shoppers, however for companies as nicely. It’s our ambition to listing Cake DeFi on a public inventory alternate within the close to future. We had been supplied a SPAC merger at US$1.5 billion however we had turned it down earlier within the 12 months,” stated Dr Julian Hosp, CEO and Co-Founding father of Cake DeFi.  

Since its launch in 2019, Cake DeFi has been dedicated to its mission of enhancing monetary inclusion and advocating the accountable funding of crypto belongings to generate passive earnings. With over US$1 billion of whole buyer belongings on the platform and near one million registered customers, Cake DeFi goals to proceed serving to each skilled and new buyers generate returns on their cryptocurrencies and digital belongings safely and securely.

Headquartered in Singapore, Cake DeFi is a key participant within the DeFi neighborhood and continues to actively align its improvement with Financial Authority of Singapore (MAS)’s better 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 companies. Cake DeFi is a member of the Singapore FinTech Affiliation’s Internet 3.0 subcommittee and an business member of ACCESS’ Digital Asset Funds Group. Earlier this 12 months, Cake DeFi additionally launched a US$100 million enterprise capital arm to speed up start-ups within the Web3, eSports, gaming and Fintech areas. 

Cake DeFi right this moment additionally introduced that the corporate is committing an additional US$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 12 months, Cake DeFi will accomplice SportCares to allow weak people to expertise and reap the advantages of sport by instilling confidence and elevating one’s outlook to life. The partnership with SportSG will deal with a sport-based improvement programme utilizing basketball, paired with volunteering alternatives and enrichment workshops.

Cake DeFi additionally right this moment introduced that it had reached a licensing milestone within the EU and is now approved to conduct companies for exchanging cryptocurrency, and offering and administering cryptocurrency custodial wallets in Lithuania. It is a key step and can facilitate Cake DeFi’s cryptocurrency registration and authorisation in different EEA member states and for future conversion into an EU-wide cryptocurrency authorisation when the EU Markets in Crypto-assets (MiCA) Laws change into efficient. 

Cake DeFi presently holds an exemption below the Fee Companies (Exemption for Specified Interval) Laws 2019 granted by the MAS which permits it to proceed working in and from Singapore whereas the MAS is processing its license software to conduct digital cost token companies.

U-Zyn Chua, CTO and Co-Founding father of Cake DeFi stated, “R&D is within the DNA of any good tech agency. Our R&D arm Birthday Analysis makes up a 3rd of our firm’s power and was fashioned to develop best-in-class blockchain improvements to drive the evolution of Web3. These improvements will in flip create extra worth for our prospects with market-leading merchandise within the DeFi area. Within the coming quarters, customers can stay up for a revolutionary DeFi product that may deliver unbeatable yields to the business. And as we combine extra blockchains into our platform, we can ship much more refined DeFi merchandise to our customers. ”

About Cake DeFi

Cake DeFi is a totally clear, extremely progressive fintech platform devoted to offering entry to decentralized monetary companies and functions by enabling customers to generate returns from their crypto and digital belongings. It’s operated and registered in Singapore and topic to relevant legal guidelines and laws in Singapore.

By enabling and empowering its customers to harness the potential of DeFi, Cake DeFi goals to teach and inform individuals around the globe on crypto and DeFi in a easy, straightforward to grasp and hassle-free method.

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