Cake Defi Gave Away 58 Million USD
Cake DeFi, a Singapore-based cryptocurrency financing firm, had its best quarter ever in terms of user growth, funded accounts, and payouts even though Q2 of 2022 was among the worst periods for the cryptocurrency market and investment industry overall. During the second quarter, Cake DeFi gave away 58 million USD in awards to its members, increasing the total rewards given out by the business since its founding to 375 million USD.
In contrast to its competitors, Cake DeFi has had a solid cash flow and is still filling available positions. The business has enough cash in its treasury to endure for at least four years, even in the unusual event where all income was entirely lost. In the second quarter, Cake DeFi’s average weekly user growth was 3.25%. The company is always looking for ways to improve the quality of its customer service. The transition to an automated KYC system with approval durations of no longer than three minutes and the enhancement of the company’s mobile app’s user interface were both highly beneficial.
The Aim: Providing Access to Decentralized Services
The Cake DeFi Board has decided to further diversify the business’s treasury in view of the strong financial situation of the firm. In order to do this, the board will publicly invest 15 million dUSD in a number of decentralized assets, such as dTSLA, dTLT, and a few others. Additionally, considering how much the market’s prices have dropped, this may have significant upside potential. Its data will be made available by Cake DeFi so that everyone may follow this progress.
With the aim of providing users with access to decentralized financial services and apps by enabling them to benefit from their cryptocurrencies and digital assets, Cake DeFi is a finance platform that is totally open, immensely inventive, and regulated. It is headquartered in Singapore, where it is also registered and run, and it conforms in every way with the legal criteria set out by the Monetary Authority of Singapore (MAS).
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
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