Cake DeFi (the fastest growing Decentralized Finance platform in Singapore) is pleased to announce it received a license for cryptocurrency from the Registrar of Legal Entities of Lithuania. The license authorizes the platform’s services to exchange cryptocurrency as well as provide and manage cryptocurrency custodial wallets.

This will facilitate Cake’s cryptocurrency registration and authorisation in other European Economic Area (EEA) member states and for future conversion into an EU-wide cryptocurrency authorisation when the EU Markets in Crypto-assets (MiCA) Regulations become effective. The MiCA Framework will allow passporting for all crypto licenses which meet the requirements.

Offering transparent and secure ways to interact with its platform is a core pillar of Cake’s corporate philosophy. Because it is a licensed platform, customers will have extra security by using regulated environments. Cake DeFi follows in the footsteps of Binance, which established entities in Lithuania and was granted licenses.

“The license from Lithuania is a milestone in our ongoing journey to become fully licensed and regulated in our key markets around the world”, Dr. Julian Hosp, Co-Founder and CEO of Cake DeFi, said in a statement. “I’m beyond proud of the hard work our team has put in to meet the stringent criteria of the financial regulatory bodies in Lithuania and to protect our users with strong anti-money laundering policies.”

In its home country of Singapore, Cake holds an exemption under the Payment Services (Exemption for Specified Period) Regulations 2019 granted by the Monetary Authority of Singapore (“MAS”) which allows it to continue operating in and from Singapore while the MAS processes its license application to conduct digital payment token services.

Cake DeFi launched in 2019. It has always been focused on unlocking economic value, improving financial inclusion and providing more efficient, seamless financial services. As of Q1, 2022, it has given out $317 million to customers.

Cake DeFi created this platform to make it easy for customers to access DeFi services, such as lending, borrowing and staking. It is planning to get listed on a public stock exchange in the near future to accelerate growth and R&D.

The Cake DeFi

Cake DeFi, a fintech platform that is transparent and highly innovative, provides access to financial services and apps decentralized by providing users with the ability to earn returns on their digital and crypto assets. It is registered and operated in Singapore.

Cake DeFi gives its users the ability to unlock the DeFi potential. This allows them to be empowered and educate others around the world about cryptocurrency and DeFi.

For media queries, please contact:

Leticia Chua

media@cakedefi.com

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