Cake DeFi Records $317M Rewards to Customers in Q1 2022 -Breaking
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In Q1 2022, Cake DeFi Records 317M Reward Points to Customers- Cake DeFi, a Singapore-based DeFi platform announced it had paid a total amount of $317 million in rewards during the first quarter.
- Its platform accounted for more than $1 Billion in customer assets.
- Cake DeFi is now authorized by the Lithuanian government to offer crypto-related services.
Cake DeFi, an Sing-based Decentralized Financing (DeFi) platform announced that it paid over $317 Million in rewards for the first quarter. 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.
According to the 2022 Q1 Report, more than $1 billion was recorded by customers on DeFi’s platform. DeFi’s Singapore-based platform plans to be listed on the stock exchange.
Our next step in growth is to make DeFi and Web3 available not only for consumers but also for businesses. We aim to have Cake DeFi listed on a stock exchange within the next few years.
Unknown reasons prevented Cake DeFi from pursuing a $1.5 billion special purpose acquisition (SPAC), merger. 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.”
DeFi, in addition to its 2022 Q1 reports, also promised to help the local technology and blockchain industry grow through $1 million of funding for initiatives related to environmental, social and governance (ESG).
Cake DeFi is also now authorized by Lithuania to offer crypto-related services. This includes exchanging and managing cryptocurrency custodial wallets.
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