Cake DeFi Commits US$1m To ESG Initiatives

By Chong Seow Wei

The Singapore-based decentralised finance platform marked its third anniversary this week with several key announcements, including its plans to help develop a sustainable DeFi ecosystem

Tatler Asia
Photo: Getty Images
Cover  Photo: Getty Images

This week, decentralised finance platform Cake DeFi celebrated its third anniversary with several key announcements. The Singapore-based company provides a staking, lending and liquidity pool platform that allows users to deposit and generate returns on their cryptocurrencies and digital assets.

According to its co-founder and CEO Julian Hosp, Cake DeFi has paid out more than US$317 million in rewards to its customers from the time it launched in 2019 to the end of Q1 this year. He adds that business has been growing on an average of nearly 90 percent quarter-on-quarter since the company first started.

Hosp also shared that Cake DeFi had rejected a US$1.5 billion SPAC merger offer earlier in the year. 

“The next stage of our growth will come from building access to DeFi and Web3 not just for consumers, but for businesses as well,” he said. “It is our ambition to list Cake DeFi on a public stock exchange in the near future.”

Read more: What Exactly Is Web3 And Why Does It Matter?

Tatler Asia
Photo: Cake DeFi
Above  Cake DeFi co-founders Julian Hosp (left) and Chua U-Zyn (Photo: Cake DeFi)

Cake DeFi also shared that it will commit US$1 million to ESG (Environmental, Social and Governance) initiatives, in support of local CSR programmes and the development of a sustainable DeFi ecosystem. In 2022, it partners Sport Singapore on a sports-based development programme for vulnerable individuals.

Cake DeFi, which Hosp co-founded with CTO and fellow 2018 Gen.T honouree Chua U-Zyn, currently manages more than US$1 billion in total customer assets on its platform and has nearly a million registered users. 

In March this year, the company launched its venture capital arm, Cake DeFi Ventures, with a mission to invest US$100 million in Web3, gaming and fintech startups over the next two years. It has already deployed its first investment in US-based media startup, The Edge Of Company. 

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