Cake DeFi: growth continued in Q2 despite crypto winter

2022-8-17 23:01

Cake DeFi, a regulated Singapore-based crypto fintech firm that offers services such as liquidity mining, crypto lending, borrowing, and staking, has released its Q2 Transparency Report that suggests the company is cash flow positive and will remain so for at least four years – even if the bear market translates to more pain for the crypto industry.

Cake DeFi’s Q2 overview

While bankruptcies and other aspects of turmoil hit the market, the Monetary Authority of Singapore (MAS) registered startup summarises in its report that Q2 2022 was indeed “its strongest quarter yet.”

This, Cake DeFi notes, is deduced from the platform’s numbers relating to customer growth, total payouts and funded accounts.

Looking at the numbers, user growth averaged +3.25% weekly, while Q2 payouts hit $58 million to bring total payouts to customers to $375 million. The figure since inception stood at around $317 million at the end of Q1.

Several crypto companies have significantly cut their headcounts over the past few months, with many freezing hiring amid the bear market crunch. Cake DeFi says it is still hiring, and remains cash flow positive, boasting of a 4-year runway should things go south across crypto.

Transparency is essential

Some crypto companies operate in a “black box”, with shady investment deals that have ended up hurting customers. Cake DeFi says it does not work like that.

According to the firm, transparency is essential to its operations, with customer assets segregated from company operating accounts. As such, Cake DeFi only acts as a ‘one-stop-platform for DeFi users, with customers retaining full control of their funds. Unlike some CeFi platforms, the platform does not commingle customer and operational funds.

About Cake DeFi

Cake DeFi, which also offers decentralised assets (dTokens for assets like Apple and Tesla stocks or the S&P 500) was co-founded in 2019 by Dr. Julian Hosp (current CEO) and U-Zyn Chua (CTO of DeFiChain Foundation).

The startup has more than $1 billion in customer assets under management. Earlier this year, it debuted Cake DeFi Ventures, a $100 million venture fund aimed at advancing growth within the Web3, eSports, and gaming sectors.

The post Cake DeFi: growth continued in Q2 despite crypto winter appeared first on Invezz.

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