The early morning of 13 June 2022 was nothing short of a “Manic Monday” for members of the crypto community as crypto prices continue to plummet. And alongside that, there was the shocking announcement that crypto lending giant Celsius will be pausing all withdrawals, swaps and transfers between accounts indefinitely. Rumors have also been swirling around that they might be insolvent.
First and foremost, we want to reassure our customers that the current market conditions have little or no impact on Cake’s daily business. As usual, we are processing 99% of all withdrawals within 24 hours, even though some can take up to a maximum of 72 hours. In such uncertain times, exceptional service is of even greater importance. We therefore are working even harder than usual to ensure our services are working seamlessly.
Transparency is core to our business and how we operate. As a Singapore-based fintech company, we have to ensure clear asset segregation whereby customers’ assets are kept separate from the company’s operating accounts. Simply put, our users have control and authority over their funds.
Furthermore, Cake DeFi simply acts as an agent or an intermediary for the services that it provides. What does it mean? It means that we provide users a “safe passage” or access to decentralized finance (DeFi) services: these services are all on the blockchain and are fully accessible to anyone and fully transparent. Technically, customers can make such transactions on the blockchain themselves. What Cake DeFi offers is a one-stop-platform where people can access all these services at a single point with customer and community support.
On Cake DeFi’s platform, we provide transparency on all transactions, yields, masternodes and other information that would be valuable to our users. This is our promise to our customers - and how they continue to trust us with their funds.
This is in stark contrast to other CeFi platforms such as Celsius, which can arguably be likened to a “black box” which offers limited transparency and / or control to other entities other than itself. As such, users wouldn’t have clarity or information on things like where the yields are being derived from or - worse - if their funds are being commingled with operational funds.
As crypto investors continue to deal with the challenges of a volatile crypto market, we believe that crypto companies should up the ante in terms of providing both assurance and protection to their users and their hard-earned money. Providing transparency and protection is not only an obligation for us: it’s a must.
In parting, it is perhaps timely to warn industry friends against “picking up pennies in front of a steamroller”. Indeed, investment strategies that have the potential to make little returns while disregarding the big risks involved rarely result in anything good.
If you want to use our services but are not yet a registered Cake DeFi user, you may click here to sign up and start generating passive income in a safe and transparent manner.
You will get US$30 worth of DFI when you register successfully and make a deposit of US$50 or more, and allocate the amount for at least 28 days into either our Lending, Staking Freezer or Liquidity Mining Freezer service.
So, sign-up now and start “baking” passive income with us!