Singapore’s DeFi platform Cake DeFi pays over $317 million in user rewards

Asian countries are leading the way ahead of their competitors as the most sought-after venues for cryptocurrency adoption.

Cake DeFi, a Singaporean decentralised finance (DeFi) platform with the fastest growth rate, marked its third anniversary with fanfare and several user rewards.

According to the official press release, at the end of the first quarter of 2022, the firm paid out more than $317 million in rewards. In addition, its business has grown by over 90% quarter-over-quarter since the beginning of 2019, placing it among the DeFi platforms with the most rapid expansion.

Commenting on this huge success, Dr Julian Hosp, CEO and Co-Founder of Cake DeFi mentioned:

“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 Decentralised 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.”

He further added: 

“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.”

Can Cake DeFi redefine the crypto adoption in Singapore?

With over $1 billion in total client assets and close to a million registered customers, Cake DeFi is dedicated to promoting financial inclusion and promoting the responsible investment of crypto assets to produce passive income.

Meanwhile, Cake DeFi continues to aggressively integrate its operations with the Singapore Monetary Authority’s (MAS) broader objective.

This vision is to grow Singapore’s crypto and decentralised ecosystem, unleash new economic value, increase financial inclusion, and provide more seamless and efficient financial services.

In addition, Cake DeFi is a member of the Web 3.0 subcommittee of the Singapore FinTech Association and an industry member of ACCESS’ Virtual Asset Payments Group.

Cake DeFi has established a $100 million venture financing arm to drive Web3, eSports, gaming, and Fintech startups this year.

Cake DeFi also said that it would contribute an additional $1 million to Environmental, Social, and Governance (ESG) efforts and local CSR programmes to develop a sustainable DeFi ecosystem.

This year, Cake DeFi will collaborate with SportCares to provide vulnerable individuals with the opportunity to experience and enjoy the advantages of sports by fostering self-confidence and improving their attitude toward life.

Lastly, Cake DeFi has completed a licensing milestone in the EU and is now authorised to provide cryptocurrency exchange services and provide and manage cryptocurrency wallets in Lithuania.

With so many advances in such a short period, it demonstrates the strength of this emerging platform and the accommodating legislation and governance provided by the Singaporean government. It will be fascinating to see how these tech-savvy Asian countries do against their rivals in the following years.

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