Once considered a fad, decentralized finance (DeFi) continues to grow at an astronomical rate as more and more users and investors embrace the innovation DeFi brings to bear and the benefits of retaining custody of their financial assets without the involvement of centralized traditional banks and other legacy financial institutions.
In just a few years, DeFI has grown to an $80 billion industry in 2021 and is poised to explode 10-fold, according to DeFi platform Vesper. At the current rate, DeFi is poised to transform and revolutionize the traditional financial systems that have existed for thousands of years into decentralized models and gives control to the people.
One startup that’s leading the DeFi revolution is Cake DeFi, a Singapore-based fintech platform that’s making decentralized finance more accessible to the masses. Cake DeFi says its vision is to eventually become a true one-stop platform where users can manage all their financial assets.
The fintech startup has been pushing the envelope to empower users to harness the potential of DeFi and the services and applications accessible to everyone since its inception three years ago. Today, Cake DeFi celebrated its third anniversary today with a key milestone.
Marking its 3rd Anniversary, Cake DeFi announced it has paid out over $317 million to customers. In addition, the fintech startup also announced it now has over $1 billion of customer assets on its platform, as of the end first quarter of 2022, further highlighting the growing users’ interest and trust in the company.
Commenting on the milestone achievement, Cake DeFi co-Founder and CEO 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.”
Hosp also added: “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.”
The Proof Is In The Pudding
The numbers prove Cake DeFi growth. Since its launch in 2019, Cake DeFi has empowered thousands of users as part of its financial inclusion mission, while it continues to advocate the responsible investment of crypto assets to generate passive income. In just three years, Cake DeFi already has close to a million registered users and over US$1 billion of total customer assets on the platform.
Beyond the numbers, Cake DeFi also said that it intends to continue to focus more on Environmental, Social, and Governance (ESG) initiatives with programs to drive sustainability in decentralized finance – and the broader crypto and blockchain industry. The startup recently partnered with SportCares, the team that lets vulnerable individuals experience and reap the benefits of sports by elevating their outlook on life.
Another Milestone Achievement: EU license
In addition to millions of dollars in rewards to customers, Cake DeFi also announced today 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 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,” the company said in its three-year anniversary announcement.
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.”
Furthermore, Cake DeFi has achieved a licensing milestone across the European Union, enabling the team to conduct services in Lithuania. Those services will include exchanging cryptocurrency and providing cryptocurrency custodial wallets. A push into other EEA member states is ongoing.
Commenting on the EU license milestone, Cake DeFi CTO and co-founder U-zyn Chua 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.”
Ultimately, the co-founders of Cake DeFi – Dr. Julian Hosp and U-zyn Chua – aim to secure the project’s listing on a public stock exchange. That move will accelerate growth and R&D for the platform and its services, enabling the development of new products and services to bring decentralized financial solutions to everyone equally.
Founded in 2019 by Julian Hosp and U-Zyn Chua, Cake DeFi is a fintech platform for growing cryptocurrency assets. Through its partnership with an internationally compliant and advanced fiat-to-crypto gateway solutions provider, Cake also provides support for swapping 13 major currencies into crypto.