Cake DeFi’s third anniversary is on June 7, 2022. Reviewing its achievements, the Singapore-based fintech platform noted that it has managed to register tremendous growth despite bearish trends, averaging nearly 90% quarter-on-quarter since its launch in 2019.
Cake DeFi rewards users with $317 million
Cake DeFi also revealed in a press release that it had paid out a staggering $317 million to users by the end of Q1, 2022. The platform noted that it currently has nearly one million registered members and more than $1 billion in assets. Custody, making it one of the fastest growing decentralized finance (DeFi) projects in Asia.
“Our third anniversary is an important milestone for us. Despite the recent drop in crypto prices, we have continued to experience tremendous growth over the past three years. We are now one of the fastest growing Decentralized Finance (DeFi) platforms in Asia. Dr. Julian Hosp, CEO and Co-Founder of Cake DeFi, said, “This has only been made possible by creating value for our customers – we have made a whopping US$317 million in payouts in just three years.
regulatory compliance
Cake DeFi currently has an exemption from the Monetary Authority of Singapore (MAS) under the “Payment Services (Exempt for Specified Term) Regulations 2019”, which allows the company to operate in and from Singapore.
In addition to working closely with MAS to obtain a full license, Kek DeFi revealed that it has recently obtained a license that will allow it to offer its services to clients in Lithuania. The company believes this is an important step towards expanding into EU markets.
Cake DeFi pledges $1 million to support sustainable DeFi
in March, cryptopotato reported that the fintech company has launched a $100 million venture capital arm called Cake DeFi Ventures (CDV) to support promising Web3, Metaverse, gaming and NFT startups.
As part of its anniversary celebration, Cake DeFi stated that it would “add an additional $1 to support the development of a sustainable DeFi ecosystem as well as local CSR programs for environmental, social and governance (ESG) initiatives.” Will promise a million.”
Going forward
According to Dr. Hosp, the goal of Cake DeFi is to create solutions that allow consumers and businesses to access DeFi and Web3.
Hosp further said that the company plans to list Cake DeFi on traditional stock exchanges to accelerate development and R&D. He disclosed that the firm had received a SPAC merger proposal for $1.5 billion earlier this year. However, he declined the offer for unknown reasons.
The company also intends to partner with Sportcares to give vulnerable individuals an opportunity to experience and enjoy the benefits of sports.
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