Singapore’s Cake DeFi had allocated $1 million for certain ESG initiatives to support DeFi developments

Cake DeFi said it has allocated $1 million to certain ESG initiatives to support DeFi development.

Cake DeFi commits $1 million to ESG initiatives on its third anniversary

June 7, 2022, marks the third anniversary of Cake DeFi. Valuing its achievements, the Singapore-based fintech platform noted that it has enjoyed outstanding growth despite the downtrend, averaging almost 90% quarter-on-quarter since its launch in 2019.

They also revealed in a press release that it has paid out a staggering $317 million in user rewards as of the end of Q1 2022. The platform notes that it currently has close to a million members already registered with assets worth more than 1 billion dollars. custody, making it one of the fastest-growing  DeFi projects in Asia.

“Our third anniversary is an important milestone for us. Despite the recent downturn in crypto prices, we have continued to experience tremendous growth in the past three years. We are now one of the fastest-growing Decentralized Finance (DeFi) platforms in Asia. This is only made possible by relentlessly creating value for our customers – we paid out a staggering US$317 million in rewards in just three years,” said Dr. Julian Hosp, CEO, and Co-Founder of Cake DeFi.

They currently holds an exemption under the Payment Services (Exemption for Specified Period) Regulations 2019 from the Monetary Authority of Singapore (MAS), which allows the company to operate in and from Singapore.

In addition to working closely with MAS to obtain a full license, Cake DeFi revealed that it recently obtained a license allowing it to offer its services to customers in Lithuania. The company believes this is an important step to expanding into the EU markets.

In March, the fintech company launched a $100 million venture capital arm called Cake DeFi Ventures (CDV) to back promising web3, metaverse, gaming, and NFT startups.

As part of its anniversary celebration, Cake DeFi said it will commit an additional $1 million to “Environmental, Social and Governance (ESG) initiatives to support the development of a sustainable DeFi ecosystem as well as local CSR programs.”

According to Hosp, Cake DeFi aims to build solutions that enable consumers and businesses to access DeFi and Web3. He further noted that the company plans to list Cake DeFi on a traditional stock exchange to accelerate growth and R&D. He revealed that the company received an offer to merge SPAC for $1.5 billion earlier this year. However, they declined the offer for undisclosed reasons.

The company also intends to work with SportCares to give vulnerable people the opportunity to experience and enjoy the benefits of sport.

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 is 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.

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