Cake DeFi Celebrates Its 3rd Anniversary, Unveils Over $317 Million Reward Payments

Cake DeFi, a fully transparent and highly innovative Singapore-based DeFi platform is thrilled to announce its 3rd anniversary after its launch in 2019.

Following the announcement, the company had unveiled key milestones it had achieved in three years of its existence. Cake DeFi disclosed payment of over $317 million in rewards as of the end of Q1 2022 as it continues to see impressive business growth of an average of almost 90% quarter-on-quarter since 2019. 

Dr. Julian Hosp, the CEO, and Co-Founder of Cake DeFi unveiled this saying;

“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.”

Cake DeFi has earned a spot in the DeFi community as a key player which focuses on enhancing financial inclusion and advocating the responsible investment of crypto assets to generate passive income.

Cake DeFi may be retaining its title as one of the fastest-growing Decentralized Finance (DeFi) platforms in Asia as it unveils further developments it will be making soon.

In a bid to support the development of a sustainable DeFi ecosystem as well as local CSR programs, the company revealed that it is committing a further US$1 million to Environmental, Social, and Governance (ESG) initiatives. Furthermore, it has planned to partner with SportCares this year. The partnership is aimed at enabling vulnerable individuals to experience and reap the benefits of the sport by instilling confidence and elevating one’s outlook on life.

Moreso, Cake DeFi also disclosed via the announcement 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.