Dr. Julian Hosp and U-Zyn Chua founded Cake in early 2019 to solve everyday financial pain points that ordinary people suffered from.
The team is comprised of innovators from diverse industries and backgrounds who focus on high yields for users and a simple user experience.
Cake is constantly adding new features and enhancing old ones. Ultimately, it aims to become a trustworthy one-stop platform for users to manage all their financial assets.
Cake has not been impacted by current market conditions. The platform processes withdrawals within 24 hours and within up to 72 in exceptionally rare cases.
What makes Cake unique?
Transparency is at the heart of Cake’s operations and business. They guarantee asset segregation as a Singapore-based fintech company, where the company’s operating funds are separate from customers’ assets.
Cake users have full authority, ownership, and control of their funds.
A safe passage to DeFi
All DeFi services Cake provides a “safe passage” or access to are on the blockchain. Their full transparency ensures universal access.
Security of user funds is top priority
Cake DeFi adheres to rigorous information security standards, storing a small minority of coins online. Most coins are held offline and are subject to multi-signature and other security policies to keep them as safe as possible.
Centralized exchanges: a ‘black box’
Cake DeFi provides transparency on all yields, transactions, master nodes, and other valuable information.
Centralized exchanges like Binance, Celsius, and Crypto.com are non-transparent, and users don’t know if operational funds are mixed with theirs or the source of their yields.
Other advantages of Cake DeFi
At the time of publication, everyone who registers and deposits $50 or more with Cake gets DFI worth $30. They must then disburse the sum into the Lending, Staking Freezer, or Liquidity Mining Freezer service for at least 28 days.
Cake’s USDC and USDT lending service provides cash flow for funds in Tether or USDC. Cake guarantees your principal and returns.
The expected APY on their BTC and ETH lending is displayed on the platform for each batch. They show additional bonus tiers depending on approximated BTC/ ETH price range.
Users must stake their coins before they are available for freezing if they want to freeze staking shares.
Transparency is a must
Cake states in the terms and conditions that they are operating under an exemption under the Payment Services Regulations 2019.
The Monetary Authority of Singapore (MAS) does not regulate lending and staking services, DeFi chain loan services, and liquidity mining and requires Cake to warn customeres of this risk.
For Cake, being transparent and providing protection is not only an obligation but a must, as it should be for all platforms regardless of the market conditions.