June 7, 2022 is the third anniversary of Cake DeFi. Looking back on its achievements, the Singapore-based fintech platform noted that despite the bearish trend, it has achieved tremendous growth, with an average quarter-on-quarter growth of nearly 90% since its launch in 2019.
Cake DeFi pays out $317 million in rewards to users
Cake DeFi also revealed in the press release that it had paid out a staggering $317 million in rewards to users by the end of the first quarter of 2022. The platform notes that it currently has nearly 1 million registered members and its assets are worth over $1 billion. Custody, making it one of the fastest growing decentralized finance (DeFi) projects in Asia.
“Our third anniversary is an important milestone for us. Despite the recent slump in cryptocurrency prices, we have continued to experience tremendous growth over the past three years. We are now the fastest growing decentralized finance in Asia ( DeFi) platform. This is only possible through relentless creation of value for our customers – we paid out a staggering $317 million in rewards in just three years,” Cake DeFi CEO and Co-Founder Dr Julian Hosp said.
Cake DeFi currently holds an Exemption from the Payment Services (Specified Period Exemption) Regulations 2019 issued by the Monetary Authority of Singapore (MAS), allowing the company to operate in and out of Singapore.
In addition to working closely with MAS to obtain a full license, Cake DeFi also revealed that it recently obtained a license that allows it to offer services to clients in Lithuania. The company believes this is a key step in expanding into the EU market.
Cake DeFi commits $1 million to support sustainable DeFi
In March, CryptoPotato reported that the fintech company formed a $100 million venture capital arm called Cake DeFi Ventures (CDV) to back promising web3, Metaverse, gaming and NFT startups.
As part of the anniversary celebration, Cake DeFi said it will use an additional $1 million for “environmental, social and governance (ESG) initiatives to support the development of a sustainable DeFi ecosystem as well as local CSR initiatives.”
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 traditional stock exchanges to accelerate growth and R&D. He disclosed that the company received a $1.5 billion SPAC merger offer earlier this year. However, they rejected the offer for undisclosed reasons.
The company also intends to partner with SportCares to give disadvantaged groups the opportunity to experience and enjoy the benefits of sports.
Binance Free $100 (Exclusive): Use this link to sign up and get $100 for free and a 10% fee discount on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to get a deposit of up to $7,000.