Celsius pauses all withdrawals won’t affect Cake DeFi, here’s why
As AZCoin News reported, Celsius would be pausing withdrawals, swaps, and transfers between accounts on its platform due to “extreme market conditions.” This event contributed to the worsening of the crypto market. However, this does not affect Cake DeFi as the project claims to operate transparently.
Why Cake DeFi is built on transparency?
Accordingly, Cake claims to be processing 99% of all withdrawals within 24 hours (some can take up to 72 hours). “First and foremost, we want to reassure our customers that the current market conditions have little or no impact on Cake’s daily business. 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”, the report stated.
Given the current situation, the project claims to operate transparently and is core to its business. “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 full control, full ownership, and full authority over their funds”, they added.
Furthermore, Cake DeFi simply acts as an agent or intermediary for the services it provides. Therefore, the project only provides users with access to DeFi services, which are all on the blockchain, fully accessible to everyone, and completely transparent. Technically, customers can perform such transactions themselves on the blockchain. What Cake DeFi offers is a one-stop platform where anyone can access all these services at a single point with the support of customers and the community. Therefore, transactions, profits, masternodes, and other information are transparent and valuable.
Meanwhile, other CeFi platforms such as Celsius, Binance, and Crypto.com find it difficult to provide complete transparency. In practice, users won’t have clarity or information about where the income is coming from or how their money is doing.
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