Cake DeFi is celebrating its third anniversay and has been licensed to function in Lithuania.
Cake DeFi, a Singapore-based decentralized finance (DeFi) platform that’s among the many fastest-growing in Asia right this moment, has introduced it paid over $317 million in buyer rewards by the tip of Q1 2022.
The fintech platform, launched in 2019, has seen over $1 billion in complete buyer property. It additionally has over 1 million registered customers.
Notably, it’s celebrating its third anniversary with a brand new milestone of enterprise development averaging practically 90% quarter-on-quarter for the final three years.
“Our third anniversary is a crucial milestone for us. Regardless of the latest downturn in crypto costs, we have now continued to expertise large development previously three years. We are actually one of many fastest-growing Decentralized Finance (DeFi) platforms in Asia,” mentioned Julian Hosp, the CEO and co-founder of Cake DeFi.
Progress initiatives and worth for patrons
The platform has been relentless in its effort to supply worth for its clients, which Hosp says was achieved by way of a secure and safe platform for DeFi customers.
“The following stage of our development will come from constructing entry to DeFi and Web3 not only for shoppers, however for companies as properly. It’s our ambition to listing Cake DeFi on a public inventory alternate within the close to future,” he added.
Certainly, the startup was supplied a SPAC merger valued at $1.5 billion earlier this 12 months. Nonetheless, the workforce turned it down.
Cake DeFi lately introduced a $100 million enterprise fund aimed toward accelerating Web3, eSports, and gaming initiatives within the area. It additionally put aside $1 million to help Environmental, Social and Governance (ESG) initiatives.
On the regulatory entrance
Cake DeFi holds a particular license from the Financial Authority of Singapore (MAS), is a member of Singapore FinTech Affiliation’s Net 3.0 in addition to ACCESS’ Digital Asset Funds Group.
The platform has additionally been licensed by the EU to supply crypto alternate and crypto custodial pockets providers in Lithuania.