Singapore’s Cake DeFi Pays Record US$317 Million in Rewards to Customers

Cake DeFi is now authorized to conduct services for exchanging cryptocurrency and providing crypto custodial wallets in Lithuania

• Marking its 3rd Anniversary, the company announced that it has paid out over US$317 million to customers, with over US$1 billion of customer assets on its platform, as of end Q1 2022

• It is the ambition of Cake DeFi's co-founders Dr Julian Hosp and U-Zyn Chua to list Cake DeFi on a public stock exchange in the near future to accelerate growth and R&D

• Cake DeFi also announced a US$1 million commitment to Environmental, Social, and Governance (ESG) initiatives to support the growth of the local tech and blockchain ecosystem

• Cake DeFi is now authorized to conduct services for exchanging cryptocurrency, and providing and administering cryptocurrency custodial wallets in Lithuania. This will facilitate Cake's cryptocurrency registration and authorisation in other EEA member states and for future conversion into an EU-wide cryptocurrency authorisation when the EU Markets in Crypto-assets (MiCA) Regulations become effective.

SINGAPORE, 7 JUNE 2022 – Cake DeFi, the fastest-growing Singapore-based Decentralized Finance (DeFi) platform, celebrated its third anniversary today with a key milestone. The company announced that it has paid out over US$317 million in rewards as of end Q1 2022 while continuing to see robust business growth of an average of almost 90% quarter-on-quarter since 2019.

"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," said Dr Julian Hosp, CEO and Co-Founder of Cake DeFi. 

Since its launch in 2019, Cake DeFi has been committed to its mission of enhancing financial inclusion and advocating the responsible investment of crypto assets to generate passive income. With over US$1 billion of total customer assets on the platform and close to a million registered users, Cake DeFi aims to continue helping both experienced and new investors generate returns on their cryptocurrencies and digital assets safely and securely.

Headquartered in Singapore, Cake DeFi is a key player in the DeFi community and continues to actively align its development with Monetary Authority of Singapore (MAS)'s greater vision, to develop Singapore's crypto and decentralized ecosystem, unlock new economic value, enhance financial inclusion, and enable more seamless and efficient financial services. Cake DeFi is a member of the Singapore FinTech Association's Web 3.0 subcommittee and an industry member of ACCESS' Virtual Asset Payments Group. Earlier this year, Cake DeFi also launched a US$100 million venture capital arm to accelerate start-ups in the Web3, eSports, gaming and Fintech spaces.

Cake DeFi today also announced that the company is committing a further US$1 million to Environmental, Social and Governance (ESG) initiatives to support the development of a sustainable DeFi ecosystem as well as local CSR programs.

This year, Cake DeFi will partner SportCares to enable vulnerable individuals to experience and reap the benefits of sport by instilling confidence and elevating one's outlook to life. The partnership with SportSG will focus on a sport-based development programme using basketball, paired with volunteering opportunities and enrichment workshops.

Cake DeFi also today announced that it had reached a licensing milestone in the EU and is now authorized to conduct services for exchanging cryptocurrency, and providing and administering cryptocurrency custodial wallets in Lithuania. This is a key step and will facilitate Cake DeFi's cryptocurrency registration and authorisation in other EEA member states and for future conversion into an EU-wide cryptocurrency authorisation when the EU Markets in Crypto-assets (MiCA) Regulations become effective.

Cake DeFi currently holds an exemption under the Payment Services (Exemption for Specified Period) Regulations 2019 granted by the MAS which allows it to continue operating in and from Singapore while the MAS is processing its license application to conduct digital payment token services. U-Zyn Chua, CTO and Co-Founder of Cake DeFi said, "R&D is in the DNA of any good tech firm. Our R&D arm Birthday Research makes up a third of our company's strength and was formed to develop best-in-class blockchain innovations to drive the evolution of Web3. These innovations will in turn create more value for our customers with market-leading products in the DeFi space. In the coming quarters, users can look forward to a revolutionary DeFi product that will bring unbeatable yields to the industry. And as we integrate more blockchains into our platform, we will be able to deliver even more sophisticated DeFi products to our users. "