The fastest-growing decentralized finance (DeFi) platform based in Singapore is called Cake DeFi and it recently celebrated its third anniversary. It also announced that it had achieved a very impressive milestone in terms of the rewards that it has paid out to its customers. According to the announcement, Cake DeFi customers have received rewards worth $317 million in the first quarter of this year alone and the platform is enjoying robust growth. Statistics show that since 2019, the platform has been able to record a 90% growth quarter-on-quarter.
The co-founder and chief executive of Cake DeFi, Julian Hosp stated that their third anniversary was an important milestone. The CEO stated that even though crypto prices were experiencing a major downturn of late, the platform had continued to see significant growth in the last three years. In fact, it had become one of the most rapidly growing platforms in Asia in the world of decentralized finance. The platform was able to achieve this by offering value to its customers, as evidenced by the $317 million that they had paid out in the form of rewards in just three years of existence. Hosp said that they had managed to do so by providing a secure and safe platform to their clients for gaining access to DeFi services.
The CEO further elaborated that their goal was to provide DeFi and Web3 services, not only to individual clients, but to also cater to businesses. They want to list the platform on a public stock exchange and had even received a $1.5 billion SPAC offer, but had chosen to turn it down. Since Cake DeFi was introduced back in 2019, the platform has remained committed to ensure financial inclusion and to allow people to invest in crypto assets in a responsible manner for generating some passive income.
The platform boasts about $1 billion customer assets and its user base is also close to a million. It is committed to helping new investors, along with experienced ones in generating returns on their digital assets and crypto in a safe and secure manner. Cake DeFi has its headquarters located in Singapore and has become a major player in the decentralized finance industry. The most notable thing about the company is that it complies with the vision of the Singaporean regulatory authority i.e. the Monetary Authority of Singapore (MAS).
Earlier in 2022, Cake DeFi had also launched a venture capital arm worth $100 million for investing in startups in the gaming, Web3, FinTech and eSports industry. It also announced that they want to create a sustainable DeFi ecosystem, due to which they were investing about $1 million in ESG (Environmental, Social and Governance) initiatives. This year will also see the company enter into a partnership with SportCaresthat will assist vulnerable people in accessing sports by elevating their outlook on life and giving them the confidence they need. They have also gotten licensed in Lithuania for offering crypto services, including exchanging and managing custodial wallets.