Cake DeFi, a Singapore-based fintech platform on a mission to make DeFi accessible to everyone, has announced the launch of a new product called “Borrow.”
It will give its users unique new opportunities to boost returns and strengthen their crypto portfolios, CryptoAdvisor learned from a press release.
Borrow DUSD by pledging major cryptos
Borrow allows users to get loans in Decentralized USD (DUSD) with major cryptos like Bitcoin (BTC), Ether (ETH), Tether (USDT), USD Coin (USDC) and DFI as collateral.
They can use more than one of these assets as collateral, as long as at least half of the collateral is DFI.
They can also use the borrowed DUSD to buy or invest in items like Cake DeFi’s Lending, Staking and Liquidity Mining which generate passive income. Users can expect returns of at least 70% APR.
The new product gives users a better option than just HODLing by offering liquidity, which can be used to generate predictable passive income.
Dr. Julian Hosp, Co-founder and CEO of Cake DeFi, commented:
We are excited to launch Borrow to provide users with more liquidity to invest in DeFi services while holding on to their assets. DeFi empowers people to generate passive income on their cryptocurrencies without the constant need to trade. It is our goal at Cake DeFi to keep bringing such innovative services to our users.
The preset collateralization ratio is 200%. There is an APR of five percent, which is subject to change.
Cake has over $1B in customer assets
Cake DeFi is a highly innovative, fully transparent and regulated global fintech platform with more than $1 billion in customer assets.
Its client base is comprised of over 700,000 registered users with more and more registering by the minute. They can all augment cash flow from their digital asset investments.
$230M paid out to customers in 2021
In 2021, Cake DeFi paid out a total of $230 million to customers as rewards, $75 million of which in the last quarter of the year.
In the near future, the global fintech platform will keep growing its customer base. Its goal is to reach $10 billion in total customer assets by the end of this year.