Cake DeFi, Singapore’s fastest-growing Decentralized Finance (DeFi) platform, marked its third anniversary with a significant achievement.
The company claimed that it had paid out over $317 million in prizes as of the end of Q1 2022, while continuing to witness strong quarterly business growth of about 90% since 2019.
Cake DeFi also announced today that it will invest an additional $1 million in environmental, social, and governance (ESG) initiatives to help build a sustainable DeFi ecosystem and local CSR programs.
This year, Cake DeFi will collaborate with SportCares to help disadvantaged people enjoy and benefit from sport by instilling confidence and improving their attitude on life. The collaboration with SportSG will focus on a basketball-based athletic development program, as well as volunteer opportunities and enrichment courses.
Dr. Julian Hosp, CEO and Co-Founder of Cake DeFi, said despite the recent downturn in crypto prices, they have continued to experience tremendous growth in the past three years.
Cake DeFi paid out a staggering $317 million in rewards to their customers in just three years.
“We achieved this by creating a safe and secure one-stop platform for consumers to easily access DeFi services,” Hosp said in a statement.
The company’s next stage of growth will come from building access to DeFi and Web3 not just for consumers but to include businesses as they reach their goal to be listed on a public stock exchange in the near future.
Earlier this year, Cake DeFi was offered a SPAC merger at $1.5 billion. However, Hosp said they turned it down.
Cake DeFi also announced today that it has completed an EU licensing milestone and is now permitted to provide and administer cryptocurrency custodial wallets in Lithuania. This is an important step that will assist Cake DeFi’s cryptocurrency registration and authorisation in additional EEA member states, as well as its eventual conversion to an EU-wide cryptocurrency authorisation once the EU Markets in Crypto-assets (MiCA) Regulations take effect.
Cake DeFi has been dedicated to its aim of improving financial inclusion and encouraging the prudent investment of crypto assets to produce passive income since its inception in 2019. It aspires to continue assisting both seasoned and inexperienced investors to create returns on their cryptocurrencies and digital assets safely and securely, with over $1 billion in total customer assets on the platform and near to a million registered users.