Singaporean-based Cake DeFi has set a record for the amount it has issued to its customers in reward.
Cake DeFi, the fastest-growing Singapore-based Decentralized Finance (DeFi) platform, announced earlier today that it has paid out over $317 million in rewards as of the end of the first quarter of 2022.
This latest development comes as the company celebrated its third anniversary. Cake DeFi added that it recorded a robust business growth of an average of almost 90% quarter-on-quarter since 2019.
Dr. Julian Hosp, CEO and Co-Founder of Cake DeFi commented on the company’s 3rd anniversary, stating that;
“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 also announced today that it is committing $1 million to Environmental, Social and Governance (ESG) initiatives to support the development of a sustainable DeFi ecosystem as well as local CSR programs.
Cake DeFi has recorded massive growth over the past few years and currently has more than $1 billion in customer assets under its management. The platform also has close to a million registered users.
Cake DeFi aims to continue helping both experienced and new investors generate returns on their cryptocurrencies and digital assets safely and securely.
The company continues to strive to be a key player in the decentralised finance community. According to the team, their vision is to develop Singapore’s crypto and decentralised ecosystem, unlock new economic value, enhance financial inclusion, and enable more seamless and efficient financial services.
To achieve its vision, the company launched a $100 million venture capital arm earlier this year. The VC arm is designed to accelerate start-ups in the Web3, eSports, gaming and Fintech spaces.