Singapore’s Cake DeFi rewards users with more than 317 million USD

Cake DeFi – a decentralized finance (DeFi) platform based in Singapore has just celebrated its 3rd anniversary on June 7. The company says it has paid out customer bonuses of more than $317 million at the end of Q1 2022. During its three-year run, Cake DeFi has achieved remarkable achievements and enjoyed strong, average business growth. nearly 90% quarter-on-quarter from 2019.

Dr. Julian Hosp – CEO and co-founder of Cake DeFi, shared:

“For us, three years is an important milestone. Cryptocurrencies have been in a constant decline in recent times, but we’re still going strong. Our company is currently the fastest growing decentralized finance platform in the Asian market. We always strive to create value for our customers. In just 3 years, we have paid our clients over 317 million USD in bonuses. To do that, we have created a platform with a secure layer of security so that users can easily access DeFi services. As planned, in the coming development phase, we will establish access to DeFi and Web3 for both individual and business users. In the future, we have a goal that Cake DeFi will be listed on public stock exchanges. At the beginning of this year, we were offered to merge with SPAC for $1.5 billion, but we turned it down.”

Since its launch, Cake DeFi has been on a mission to become a platform to increase users’ financial awareness. In addition, the platform also wants users to be more conscious and responsible in crypto investments.

Cake DeFi has over $1 billion in assets on the platform and nearly 1 million users. Cake DeFi aims to become a platform that helps new and professional investors to generate passive income from electronic assets in the safest and most secure way.

Cake DeFi is a DeFi platform based in Singapore. The development of the platform is tied to the vision of the Monetary Authority of Singapore (MAS). Cake DeFi creates the development of a cryptocurrency and decentralized ecosystem in Singapore, contributing to the creation of a new economy, creating financial capacity and enabling financial services quickly. and more efficient. The platform is also a member of the Web 3.0 subcommittee of the Singapore FinTech Association and a member of the ACCESS electronic asset payments group.

In early 2022, to promote the development of startups in the space of Web3, eSports, games and Fintech, Cake DeFi launched a venture capital arm worth $100 million. Recently, the platform also announced that it will sponsor an additional 1 million USD for environmental, social and governance (ESG) initiatives to promote the development of the system.

In addition, this year, Cake DeFi plans to partner with SportCare to bring to market a product that helps defenseless people experience the thrills of sports, helping them boost their confidence and hope in life. It is known that Cake DeFi and SportCare’s last product is a sports-based development program using basketball, with volunteer opportunities and capacity building workshops.

The platform says it has been licensed in the EU and is authorized to conduct cryptocurrency trading services, provide and manage crypto wallets in Lithuania. This is an important event and facilitates the registration and authorization of Cake DeFi cryptocurrency in other member countries in the EEA.

In the future when the European Union Digital Asset Market Regulations come into effect, Cake DeFi could work towards EU-wide crypto mandate.

U-Zyb Chua, chief technology officer and co-founder of Cake DeFi, said:

“R&D has always been the cornerstone of all major tech companies. Our R&D department is always aiming to be the best blockchain in its class, while driving the growth of Web3. Our innovations will create more value for our customers. We are committed to providing our customers with market-leading products in the DeFi space. In the next quarter, we will launch a special DeFi product that offers the most competitive output in the industry. We will integrate more blockchain into our platform and offer more unique DeFi products to our users.”