Cake DeFi is celebrating its third anniversay and has been licensed to operate in Lithuania.
Cake DeFi, a Singapore-based decentralized finance (DeFi) platform that’s among the fastest-growing in Asia today, has announced it paid over $317 million in customer rewards by the end of Q1 2022.
The fintech platform, launched in 2019, has seen over $1 billion in total customer assets. It also has over 1 million registered users.
Notably, it’s celebrating its third anniversary with a new milestone of business growth averaging nearly 90% quarter-on-quarter for the last three years.
“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,” said Julian Hosp, the CEO and co-founder of Cake DeFi.
Growth initiatives and value for customers
The platform has been relentless in its effort to offer value for its customers, which Hosp says was achieved via a safe and secure platform for DeFi users.
“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,” he added.
Indeed, the startup was offered a SPAC merger valued at $1.5 billion earlier this year. However, the team turned it down.
Cake DeFi recently announced a $100 million venture fund aimed at accelerating Web3, eSports, and gaming projects in the region. It also set aside $1 million to support Environmental, Social and Governance (ESG) initiatives.
On the regulatory front
Cake DeFi holds a special license from the Monetary Authority of Singapore (MAS), is a member of Singapore FinTech Association’s Web 3.0 as well as ACCESS’ Virtual Asset Payments Group.
The platform has also been authorized by the EU to offer crypto exchange and crypto custodial wallet services in Lithuania.