June 7, 2022, marks Cake DeFi’s third anniversary. Reviewing its achievements, the Singapore-based financial technology platform noted that it has managed to record tremendous growth despite the bearish trends, averaging almost 90% quarter-on-quarter since its launch in 2019.
Cake DeFi Pays $317M in Rewards to Users
Cake DeFi also revealed in a press release that it had paid a staggering $317 million in rewards to users as of the end of Q1, 2022. The platform noted that it currently has nearly a million registered members with over $1 billion worth of assets in its custody, making it one of Asia’s fastest-growing decentralized finance (DeFi) projects.
“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,” said Dr. Julian Hosp, CEO and Co-Founder of Cake DeFi.
Cake DeFi currently holds an “exemption under the Payment Services (Exemption for Specified Period) Regulations 2019” from the Monetary Authority of Singapore (MAS), which allows the company to operate in and from Singapore.
Aside from working closely with the MAS to obtain a full license, Cake DeFi revealed that it recently acquired a license that will allow it to offer its services to customers in Lithuania. The company believes it is a crucial step toward expanding into the EU markets.
Cake DeFi Commits $1M to Support Sustainable DeFi
In March, CryptoPotato reported that the fintech company launched a $100 million venture capital arm dubbed Cake DeFi Ventures (CDV) to support promising web3, metaverse, gaming, and NFT startups.
As part of its anniversary celebration, Cake DeFi said it will commit an additional $1 million to “Environmental, Social and Governance (ESG) initiatives to support the development of a sustainable DeFi ecosystem as well as local CSR programs.”
According to Dr. Hosp, Cake DeFi aims to build solutions that allow consumers and businesses to access DeFi and Web3.
Hosp further noted that the company plans to list Cake DeFi on a traditional stock exchange to accelerate growth and R&D. He revealed that the firm received an offer for a SPAC merger at $1.5 billion earlier this year. However, they declined the offer for undisclosed reasons.
The company also intends to partner with SportCares to give vulnerable individuals the opportunity to experience and enjoy the benefits of sports.