Cake DeFi, a Singapore-based DeFi platform, gave out over $317 million in rewards to investors in the first quarter of 2022 as its business volumes nearly doubled on a quarterly basis.
Despite the ongoing crashes in cryptocurrency prices, Cake DeFi has amassed over $1 billion of total customer assets and close to a million registered users. Cake DeFi opens up a barrage of opportunities for investors to earn steady passive income through staking, lending, and liquidity mining.
Cake DeFi’s staking program enables users to earn an APY of 31.5% on their idle digital assets. Those who deposit into lending batches are provided with returns at the rate of 6.5% APY within four weeks. Additionally, liquidity mining depositors can earn up to 75% interest within a year.
On the regulatory front, Cake DeFi has secured a license to operate as a crypto asset service provider in Lithuania. The approval allows the firm to expand its operation to other European countries, excluding countries with separate regulations. It covers many business areas including crypto-asset trading, custodian service, digital asset wallet, and portfolio management to customers under the supervision of regulatory agencies in Lithuania.
“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.
U-Zyn Chua, CTO and Co-Founder of Cake DeFi added: “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. ”
Cake DeFi, which holds an exemption under Singapore’s MAS rules while seeking a full licence, has recently launched a corporate venture arm with $100 million to invest in startups across Web3, the metaverse, the NFT space, gaming, esports, and fintech.