As we move into 2024, I want to take this moment to rearticulate my vision for Cake Group. Our mission since day one has been to level the crypto playing field, and this remains unchanged. I am 100% committed to leading our team and community as CEO and Co-Founder of Cake Group.
As the blockchain and crypto landscape evolves, so too do new opportunities for our customers. I believe Cake Group must focus on helping our customers understand and act on these opportunities in a way that is intuitive, fast, and rewarding.
To demonstrate, since announcing the restructuring of our company less than a month ago, our teams have already delivered three outstanding results supporting our new strategic direction:
- Major update to the Bake AppLast week, we deployed the biggest update to the Bake App yet. Elite customers are currently able to enjoy the privilege of early access to the new experience, and feedback has been very positive so far.
- Roll-out of MetaChain Layer As a community partner to DeFiChain, we supported the successful roll-out of the EVM-compatible MetaChain Layer to the DeFiChain blockchain. This was a huge moment in DeFiChain’s history, with many new projects and builders already flocking to the chain, as well as our largest ever Hackathon in Bangalore last week.
- Overhaul of Operational Costs Our Executive, People & Operations teams have successfully reduced our operating costs by almost 50% while improving progress toward our revenue targets. The financial standing of our company is very good, as can be verified in both our public financial reporting and Proof of Reserves.
And this is just the beginning. The executive team is aligned with my strategic direction, and over the coming weeks, customers will be introduced to many new experiences - in particular via the Bake App - reinforcing my belief that our company is fundamentally well-positioned to capture the next wave of crypto growth. To reiterate:
- My role as CEO remains the same, unchanged, and I confirm my 100% commitment to the Cake Group.
- The safety and security of customer funds remain unchanged, as verified by our public Proof of Reserves.
- Recent restructuring has produced immediate results, cutting costs by almost 50% while delivering great progress against revenue targets.
- The Cake Group is solvent and financially strong, as verified by our latest public finances filing in Singapore (with ACRA).
Excerpt from Cake Group's most recent filing to Accounting and Corporate Regulatory Authority, (ACRA) Singapore
Unfortunately, my vision for the future of the company is not shared by everyone, including Cake’s Co-Founder U-Zyn.
While I am not someone who washes my dirty laundry in public, I believe it is important to provide clarification on certain details related to the circulating news in Singapore. I want you to hear this information directly from me.
- What: an application for a winding up of the company by U-Zyn was filed.
- Why: a difference of opinion in how leadership runs the company.
- How: U-Zyn filing a winding up application on the basis that it is “just and equitable to wind up Cake Group Pte Ltd in connection with the dispute between shareholders.”
- What is it NOT: U-Zyn’s filing is NOT based on the company’s financial position, which remains strong.
It’s perfectly human not always seeing eye to eye. Throughout the years, we have successfully built Cake while navigating our differences. What’s happening today is unfamiliar territory for us, and I extend an apology on behalf of management for what may appear to be private matters being discussed in the public domain.
We dispute the basis on which this application has been initiated and are in the process of engaging legal counsel to contest and dismiss it. We acknowledge that this may raise concerns amongst customers and business partners, and would like to make reassurances that we have received advice indicating that we have a strong case for the dismissal of the Winding Up Application.
I hope this message helps clarify the situation and address any open questions in the minds of customers, partners, and friends. I am grateful for your continued support and loyalty, and remain laser-focused on building new experiences to help you harness the opportunities that will come with the next phase of growth.
Julian Hosp, CEO & Co-Founder
DISCLAIMER: Please note that the information on this blog and in any articles posted on this blog is for general information only and should not be relied upon as financial advice. Cake Pte. Ltd., Bake, UAB, and its affiliates (the “Cake Group”) are not licensed financial advisers. You may wish to approach your own independent financial advisor before making any decision to buy, sell or hold any product and/or digital assets mentioned in this blog.
Any views, opinions, references, assertions of fact and/or other statements are not necessarily the views held by the Cake Group. The Cake Group disclaims any liability whatsoever that may arise out of or in connection with such statements. Always do your own research before investing in any financial assets and consult a qualified financial advisor if necessary.