SINGAPORE, 2 NOVEMBER 2022 – Cake DeFi, the leading, fastest-growing Singapore-based fintech firm providing easy access to Decentralised Finance (DeFi), has announced the launch of its B2B vertical, Cake DeFi Enterprise at the Singapore FinTech Festival. The new vertical will enable institutions to access DeFi products and services in a simple, fully-transparent and self-custodial manner.
Since 2020, the total value of assets locked in DeFi protocols has grown from US$1 billion to over US$200 billion at the beginning of 2022. With a total Serviceable Addressable Market of US$47 billion, Cake DeFi will be scaling and launching Cake DeFi Enterprise to serve the burgeoning institutional market as well as digital assets managers looking to explore more DeFi investment products across other blockchains.
“With the launch of Cake DeFi Enterprise, we will be scaling Cake DeFi’s trusted and transparent model to provide a secure gateway to DeFi for institutions. In the past year, we have received many institutional business enquiries, indicating a strong demand for institutional DeFi services. Our unique full self-custodial solution will allow institutional clients to retain full control and ownership of their digital assets while enjoying the yield and transparency of DeFi. Our new B2B vertical Cake DeFi Enterprise supports the Singapore Government’s direction on digital asset innovation. We are committed to building the B2B digital asset infrastructure and uplifting Singapore’s blockchain ecosystem to drive innovations in fintech,” said U-Zyn Chua, CTO and Co-founder of Cake DeFi.
Cake DeFi Enterprise’s enterprise-grade DeFi solution for institutions is built on the three unique selling propositions of full self-custody, complete transparency, and simplified fund management. Cake DeFi Enterprise plans to launch DeFi services such as Liquidity Mining, Token Swaps and Lending in the initial phase, with the suite of services to be expanded over time.
Cake DeFi Enterprise’s fully self-custodial solution will allow customers to have full ownership of their keys, thereby retaining full ownership of their digital assets. Customers will therefore be able to move their funds directly to DeFi products and services on-chain and track their yields directly on the blockchain, with complete transparency. Fund management is made simple and secure with multi-signature wallets, multiple approvers and sub-account set-ups.
Founded in 2019, Cake DeFi has achieved tremendous growth over the last three years and has seen its strongest quarter yet in Q2 2022. It has achieved more than 1 million retail customers from over 190 countries around the world, managing over US$1 billion in customer assets. Since its inception, Cake DeFi has also paid out close to US$400 million in rewards, becoming a leading decentralized finance services provider and the region’s fastest-growing fintech platform.
About Cake DeFi
Cake DeFi is a fully transparent, highly innovative fintech platform dedicated to providing access to decentralized financial services and applications by enabling users to generate returns from their crypto and digital assets. It is operated and registered in Singapore and subject to applicable laws and regulations in Singapore.
By enabling and empowering its users to harness the potential of DeFi, Cake DeFi aims to educate and inform people around the world on crypto and DeFi in a simple, easy to understand and hassle-free manner.
Cake DeFi has achieved tremendous growth and has seen its strongest quarter yet in Q2 2022 when it comes to customer growth, funded accounts and payouts, as per its latest Q2 2022 Transparency Report. It has recently crossed the 1 million customer mark and has paid out a total of US$375 million in customer rewards as of the end of Q2 2022 despite the grim market outlook.
Cake DeFi achieved these milestones by creating a safe and secure one-stop platform for consumers to easily access DeFi services such as staking, lending, borrowing, and liquidity mining.