- SG-based DeFi platform Cake DeFi announced that it has paid a total of over $317 million in rewards in the first quarter of this year.
- The company recorded over $1 billion worth of customer assets on its platform.
- Cake DeFi has now been authorized by the government of Lithuania to conduct crypto-related services.
Cake DeFi, a Singapore-based decentralized finance (DeFi) platform, announced that it has paid a total of over $317 million in rewards in the first quarter of this year. The announcement coincides with Cake DeFi’s third-anniversary celebration.
Julian Hosp, CEO and co-founder of Cake DeFi, said that the company achieved this by “creating a safe and secure one-stop platform for consumers to easily access DeFi services.” And by paying this huge amount in over three years, Hosp believes that this certifies the company’s position as one of the fastest growing DeFi platforms in Asia.
Furthermore, the company recorded over $1 billion worth of customer assets on its platform, according to its 2022 Q1 report. The Singapore-based DeFi platform is also planning to get listed on a public stock exchange soon.
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 further revealed that the company turned down a special purpose acquisition company (SPAC) merger at $1.5 billion earlier this year due to undisclosed reasons. Regardless, Cake DeFi will continue on its path to getting listed to expedite the company’s growth and research and development (R&D).
“R&D is in the DNA of any good tech firm,” said Cake DeFi CTO and co-founder U-Zyn Chua. “Our R&D arm Birthday Research makes up a third of our company’s strength and was formed to develop best-in-class blockchain innovations to drive the evolution of Web3.”
In addition to the 2022 Q1 report, the DeFi platform also pledged to support the growth of local tech and blockchain ecosystem in Singapore through a $1 million funding for environmental, social, and governance (ESG) initiatives.
Furthermore, Cake DeFi has now been authorized by the government of Lithuania to conduct crypto-related services, such as for exchanging and administering cryptocurrency custodial wallets in the country.