Cake DeFi’s customers take home record US$317 million in rewards

Cake DeFi, the fastest growing decentralized exchange (DeFi) platform based in Singapore, is celebrating its third anniversary in style after it announced that it has paid out more than US$317 million in rewards to its customers by the end of the first fiscal quarter of 2022.

Cake DeFi has seen robust business growth since it was launched. It has grown by about 90% since 2019.

While making the announcement, the CEO and Co-Founder of Cake DeFi, Dr Julian Hosp, said:

“Our third anniversary is an important milestone for us. Despite the recent downturn in crypto prices, we have continued to experience tremendous growth in the past three years. We are now one of the fastest-growing Decentralized Finance (DeFi) platforms in Asia. This is only made possible by relentlessly creating value for our customers – we paid out a staggering US$317 million in rewards in just three years. We achieved this by creating a safe and secure one-stop platform for consumers to easily access DeFi services. The next stage of our growth will come from building access to DeFi and Web3 not just for consumers, but for businesses as well. It is our ambition to list Cake DeFi on a public stock exchange in the near future. We were offered a SPAC merger at US$1.5 billion but we had turned it down earlier in the year.”

Cake DeFi’s mission of enhancing financial inclusion

Cake DeFi is committed to enhancing financial inclusion and advocating for responsible investment in crypto assets to generate passive income.

There are over $1 billion worth of customer assets on the Cake DeFi platform and about one million registered users. Cake DeFi has become a great platform for both experienced and new crypto investors looking to generate returns on their digital assets in a safe and secure manner.

Being headquartered in Singapore, Cake DeFi has continuously aligned its development with the greater vision of the Monetary Authority of Singapore (MAS) which is to “develop Singapore’s crypto and decentralized ecosystem, unlock new economic value, enhance financial inclusion, and enable more seamless and efficient financial services.”

In addition, Cake DeFi is an industry member of ACCESS’ Virtual Asset Payments Group and a member of the Singapore FinTech Association’s Web 3.0 subcommittee.

At the beginning of this year, Cake DeFi launched a US$100 million venture capital arm to assist start-ups venturing in Web3.0, fintech, eSports, and gaming.

While celebrating its anniversary today, Cake DeFi also committed a further US$ million to Environmental, Social, and Governance (ESG) initiatives that supports the development of a sustainable DeFi ecosystem.

Cake DeFi is also expected to partner with SportCares before the end of this year to allow vulnerable persons to take advantage of the benefits of sport. There is also the partnership with SportSG that will focus on the sport-based development program using basketball, in combination with volunteering opportunities and workshops.

Cake DeFi license to operate in Europe

Today, Cake DeFi also announced that it had be licensed to conduct business of exchanging cryptocurrencies and providing and administering cryptocurrency custodial wallets in Lithuania. This marks a key step for the DeFi platform in Europe and is expected to set the stage for registration and authorization in other EEA member states and for future conversion into an EU-wide cryptocurrency authorization when the EU Markets in Crypto-assets (MiCA) Regulations become effective.

At the moment, Cake DeFi holds an exemption under the Payment Services Regulations 2019 granted by the MAS. This exemption allows in and from Singapore while the MAS is processing its license application.