The growing appeal of decentralized finance highlights the need for convenient solutions to explore passive income opportunities. Cake DeFi recently turned three years old and has already paid out over $317 million in rewards. Furthermore, the team acquired the necessary license in Lithuania as part of its broader push into the European Union.
Cake DeFi Checks Off More Milestones
The outset of is making decentralized finance more accessible and usable by everyday users. Through the platform, users can go from buying crypto for the first time to earning over 80% APY through decentralized finance opportunities in a few minutes. Moreover, the service spans staking, lending, and yield farming for various supported assets, providing users with many options depending on their expertise and risk appetite.
Since Cake DeFi's inception three years ago, the platform has paid out over $317 million in user rewards. That is a staggering amount, highlighting the potential DeFi brings to the table. More importantly, it focuses on passive income opportunities rather than forcing users to remain glued to a screen all day. Additionally, the platform has over $1 billion in customer assets on its platform.
Cake DeFi CEO and Co-founder Dr. Julian Hosp adds:
“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. We achieved this by creating a safe and secure one-stop platform for consumers to easily access DeFi services. The next stage of our growth will come from building access to DeFi and Web3 not just for consumers, but for businesses as well. It is our ambition to list Cake DeFi on a public stock exchange in the near future. We were offered a SPAC merger at US$1.5 billion, but we had turned it down earlier in the year.”
The objective of enhancing financial inclusion is still the core focus of Cake DeFi's team. Moreover, they remain committed to introducing users to responsible investment options for crypto assets to generate passive income. With nearly one million registered users already, the team can look forward to checking off future milestones, including hitting two million users.
A New License In Lithuania
Beyond the growing revenue for users and customer assets on the platform, Cake DeFi makes inroads in other ways. Licensing and regulation remain key aspects of the crypto and blockchain industry. That also applies to providers of decentralized finance products and services. Cake Defi's team keeps close tabs on these requirements and continues to make inroads in regions crucial to its long-term growth.
The European Union is one of the regions of interest to this team. Acquiring a license to conduct services for crypto exchanging and provision of custodial wallets in Lithuania marks a big step forward. But, more importantly, acquiring this license enables it to gain more ground more quickly in other EEA member states. For those unaware, the EU Markets in Crypto Assets Regulations will become effective soon, and Cake DeFi positions itself as a leader in compliance.
Beyond regulation, Cake DeFi will sponsor SportCares and help establish a sport-based development program involving basketball. The initiative will help vulnerable individuals to experience and reap the benefits of sport. It is good to see crypto-oriented firms explore opportunities on this front, as it will introduce more people to the Cake DeFi brand.
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