Cake DeFi, the Singapore-based DeFi (decentralized finance) platform, is celebrating its third anniversary this month as it sets fresh benchmarks for the ever-evolving DeFi ecosystem. Since its launch in 2019, the platform has been part of the DeFi space, supporting a wide range of decentralized investment opportunities like lending, liquidity mining, and staking.
As part of its commemoration, the Cake DeFi team has disclosed some of its closely held results for the first time, revealing that it has paid out $317 million worth of rewards to its users through the first quarter of 2022. At the same time, the platform has also experienced a nearly 90% incremental average growth rate quarter-over-quarter since 2019.
At the end of the first quarter, Cake DeFi reported over $1 billion worth of customer assets and close to a million registered users, highlighting the platform’s growth to date.
As part of its strategic initiatives, Cake DeFi launched a $100 million venture capital fund to accelerate the growth of Web3, eSports, fintech, and gaming startups earlier this year.
On the occasion of its third anniversary, Cake DeFi has unveiled a further $1 million investment to boost ESG (Environmental, Social, and Governance) initiatives, accelerating the development of a sustainable DeFi ecosystem and local corporate social responsibility (CSR) programs.
Moreover, the platform’s co-founders, Dr. Julian Hosp and U-Zyn Chua have clarified that they aim to list Cake DeFi publicly to accelerate growth alongside additional research and development.
Dr. Julian Hosp, CEO and Co-Founder of Cake DeFi, notes, “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…The next stage of our growth will come from building access to DeFi and Web3 not just for consumers, but for businesses as well.”
Laying the Groundwork for DeFi’s Expanding Horizon
Cake DeFi has continuously aligned its developmental goals with the Monetary Authority of Singapore’s (MAS) vision of enhancing Singapore’s crypto and decentralized ecosystem, accelerating financial inclusion, and unlocking new economic opportunities. This effort includes supporting more efficient and streamlined financial services.
The platform presently holds an exemption granted by the MAS under the Payment Services (Exemption for Specified Period) Regulations 2019, allowing it to operate in and from Singapore while the MAS processes its license application to conduct digital payment token services.
Furthermore, Cake DeFi recently acquired the rights to offer its services for exchanging cryptocurrencies and providing and administering crypto custodial wallets in Lithuania. The new development has made it possible for the platform to grow its presence in other EEA countries and make the switch to an EU-wide cryptocurrency license when the EU Markets in Crypto-assets (MiCA) regulations go into effect.