Cake DeFi, the most rapidly growing DeFi platform based in Singapore, has paid out rewards in excess of $317 million as of the end of the first quarter of 2022.
Almost 90% business growth y/y
Its y/y business growth has been nearly 90% since 2019, Cryptoadvisor learned from a press release.
Dr. Julian Hosp, cofounder and CEO of Cake DeFi, commented:
Despite the recent drop in crypto asset prices, we have experienced huge growth in the past three years. Cake DeFi is now one of the most dynamically growing Asian DeFi platforms. This became possible only because we relentlessly created value for our customers; we paid out an impressive $317 million in rewards in just three years.
1M registered users and over $1B of assets
Cake DeFi has almost a million registered users and over $1 billion of client assets on the platform in total. The platform intends to keep helping novices, as well as experienced investors, gain returns on their digital assets and cryptocurrencies securely and safely.
Cake DeFi is an industry member of ACCESS’ Virtual Asset Payments Group and a member of the Web 3.0 subcommittee of the Singapore FinTech Association.
Earlier this year, the platform founded a VC arm to speed up startups in esports, fintech, gaming, and Web3, which was worth $100 million.
$1M in ESG initiatives
Cake DeFi also reported that they would invest another $1 million in Environmental, Social, and Governance (ESG) initiatives to support regional CSR programs and the development of a sustainable DeFi ecosystem.
A milestone in the EU and EEA
Another milestone announced by the platform today is related to licensing. They are now permitted to provide crypto exchange services as well as administer and offer cryptocurrency custodial wallets in Lithuania.
This is a crucial milestone because it will help Cake DeFi set foot in other EEA countries in terms of cryptocurrency registration and authorization.
U-Zyn Chua, cofounder and CTO of Cake DeFi, added:
In the coming quarters, users can look forward to a cutting-edge DeFi product that will deliver unbeatable yields to the industry. We will be able to deliver even more cutting-edge DeFi products to our users as our platform integrates more and more blockchains.