Cake Group celebrates 4 years of success and resilient growth; pays out US$411m in rewards, announces “Bake”
SINGAPORE, 21 JUNE 2023 – Cake Group (“Cake”), one of Southeast Asia's fastest growing digital assets innovators, proudly celebrates its fourth anniversary as it continues to go from strength to strength amid the current crypto winter.
Despite the challenging crypto environment, Cake has paid out US$411 million in rewards to customers from inception till Q1 2023, an increase of US$94 million in the past year. Cake has also expanded its headcount to 188 employees, a 55% increase from last year, and aims to reach 210 employees by the end of 2023. In the past year, Cake launched its global R&D hub (Birthday Research) in Singapore, while committing to investing US$50M in R&D over the next four years. Cake also recently opened a new office in Kuala Lumpur, Malaysia, and plans to establish an office in Europe once the Markets in Crypto Assets (MiCA) regulation is fully established.
"I couldn't be prouder of what Cake has achieved in this protracted crypto winter. Today, even as layoffs continue across crypto and tech, we at Cake are bucking the trend and still expanding our team and our business. Our retail users earned a remarkable US$94 million in rewards in the past year alone. We made this possible by keeping our focus on shipping innovative products that provided stable yields built on trust and transparency,” said Dr. Julian Hosp, CEO and Co-Founder, Cake Group.
To reflect Cake’s growth into new segments and commitment to innovation, it has expanded into four strategic business verticals – retail, institutional, R&D and venture capital.
Cake’s retail arm is now Bake
With the entire group now being called Cake, its retail arm has been re-named Bake. As a verb, to “bake” is an action–it represents how our customers are empowered and in control of their financial destiny.
Bake is also rebuilding its mobile app from the ground up to enhance the user interface, optimize functionality, and provide a more seamless user experience. The new Bake app is launching in July.
In the past year, Bake has continued to enhance its offerings to better serve and add value to retail users. Bake launched ELITE, a new membership plan, and YieldVault, a new feature designed to be an easy and safe way for customers to earn passive income. Bake also introduced new tokens to its Staking service, expanding the range of options available to users.
Cake’s institutional arm, Levain, eyes expansion beyond Southeast Asia
Introduced in 2022, Levain offers institutions a secure gateway to decentralized financial products and services. Levain’s Self-Custody Wallet provides institutions with secure multi-signature technology for digital assets, which provides institutions with full ownership of their keys and therefore complete control over their funds.
Following the support of Ethereum in Q1, Levain aims to add UTXO blockchain support and integration of other highly sought-after EVM-compatible blockchains in Q3 2023, enabling multi-chain compatibility.
Cake’s R&D arm, Birthday Research, doubles down on Bitcoin innovation
Birthday Research focuses on developing best-in-class blockchain and digital asset technologies through open-source blockchain research and development.
In the pursuit of its goal to allow DeFi to be leveraged by enterprises in a trustworthy, safe, and compliant manner, Birthday Research has built the Sado Protocol, which is an open source protocol supporting a fully decentralized global order book for Ordinals, BRC20, and future Bitcoin innovations to come. The Sado SDK (software development kits) are also made open and can be found at https://github.com/sadoprotocol.
“Our R&D arm Birthday Research has put us in the position to capture the infinity of blockchain innovation. Recently, Ordinals have brought about a resurgence of Bitcoin application and development. Birthday Research utilized its expertise to contribute to the Bitcoin ecosystem through Sado and SDKs. With the team’s deep technical understanding of blockchain, cryptography and their application, we can unlock even more value on the Bitcoin blockchain in time to come,” said U-Zyn Chua, CTO and Co-Founder, Cake Group.
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About Cake Group
Founded in 2019, Cake Group (“Cake”) is one of Southeast Asia's fastest growing digital assets innovators. Cake empowers investors to generate returns on their digital assets through decentralized finance (DeFi) services and applications in a secure and transparent way.
Cake operates four core businesses, including its retail arm, Bake, and its institutional arm, Levain.
Bake is a one-stop platform that provides retail investors easy access to DeFi services and applications, empowering them to generate returns on their cryptocurrencies in a secure and transparent way.
Levain offers institutions a secure gateway to DeFi, empowering them to personally manage their digital assets through self-custodial technology and instant multi-chain access to DeFi protocols—all in a transparent and secure manner.
For media queries, please contact:
Elissa Young
Senior Public Relations Manager, Cake Group
(m): +65 9226 4022
