Marking its 3rd Anniversary, the company announced that it has paid out over US$317 million to its customers.
Singapore-based platform Cake DeFi celebrates its third anniversary with over US$317 million in rewards issued at the end of Q1 2022.
The custodial platform offers three primary products – staking, lending, and liquidity mining – where users can deposit their cryptocurrencies and earn a yield percentage on it.
Cake DeFi also launched a US$100 million venture capital arm to accelerate start- ups in the Web3, eSports, gaming and Fintech spaces. Plus, the company is committing a further US$1 million to pursue Environmental, Social and Governance (ESG) initiatives to support the development of a sustainable DeFi ecosystem.
“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. ” said Dr. Julian Hosp, CEO and Co-Founder of Cake DeFi.
Asides from holding an exemption under the Payment Services Act that allows Cake DeFi to continue operating in and from Singapore, it is also a member of the Singapore FinTech Association’s Web 3.0 subcommittee and an industry member of ACCESS’ Virtual Asset Payments Group.
“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. ” said U-Zyn Chua, CTO and Co-Founder of Cake DeFi.
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