Released in the wake of the collapse of Celsius, Singaporean-based fintech company Cake DeFi reassured its clients that the platform’s activities have remained unaffected by the present market conditions or by the issues of their rival companies.
Cake DeFi’s mechanism and regulation are entirely unique as it provides clients with safe access and availability to DeFi solutions. Users on their platform have absolute control, ownership, and power over their funds. The lack of clarity surrounding LUNA and Celsius makes Cake DeFi stand out. It is safe to conclude that it is a proper kickoff and likely the get the respect of the industry.
The Singapore-based DeFi firm said the present market conditions have small or no impact on its day-to-day operations and made clarification why Cake’s business is immune to the happenings affecting the crypto lender. As stated, the client’s assets are divided into custody or trust accounts which are part of the exclusive benefits of each client. Furthermore, this mechanism guarantees that any funds sitting in these divisions are available to be returned to its clients in case the company goes bankrupt or insolvent.
Recently, Cake DeFi celebrated its 3rd anniversary. Part of its milestone is the $317 million prize amount that was remitted while maintaining strong quarterly business growth reaching 90% since 2019. In addition, the company will invest an additional $1 million in ESG measures to support and establish sustainable local CSR programs and the DeFi ecosystem.
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