Singapore, Singapore, 28th April, 2022, Chainwire
Cake DeFi, a Singapore-based fintech platform that makes DeFi (decentralized finance) services and applications accessible to everyone, is thrilled to introduce a new product called “Borrow” to give its users novel opportunities to strengthen their crypto portfolios and potentially boost their returns.
The new product enables users to borrow Decentralized USD (DUSD) by pledging Bitcoin (BTC), Ether (ETH), Tether (USDT), USD Coin (USDC) and DFI as collateral. Users can use a combination of these cryptocurrencies as collateral, as long as at least 50% of the collateral is DFI.
The borrowed DUSD can be used to purchase items or invest in products that generate passive income such as Cake DeFi’s Lending, Staking and Liquidity Mining, where returns north of 70% APR are rather the norm than the exception. Borrow gives users a better option than just HODLing by providing them with liquidity that they can put towards generating predictable passive income.
“We are excited to launch Borrow to provide users with more liquidity to invest in DeFi services while holding on to their assets. DeFi empowers people to generate passive income on their cryptocurrencies without the constant need to trade. It is our goal at Cake DeFi to keep bringing such innovative services to our users,” said Dr. Julian Hosp, Co-founder and CEO of Cake DeFi.
Cake DeFi is a fully transparent, highly innovative and regulated global fintech platform with over US$1 billion in customer assets. It empowers its user base, spanning over 700,000 registered users –– and fast growing –– to earn cash flow from their digital asset investments.
Users can borrow Decentralized USD (DUSD) with their existing Bitcoin (BTC), Ether (ETH) Tether (USDT), USD Coin (USDC), and DFI as collateral at a preset collateralisation ratio of 200 percent and five per cent annual percentage rate (APR) (subject to change). Just like any other stablecoin, the DUSD can be used to purchase items or for investment purposes, such as participating in Cake DeFi’s Lending, Staking and Liquidity Mining (either directly or by swapping to other coins).
Cake DeFi has experienced tremendous growth in 2021. A total of US$230 million were paid out to customers as rewards in 2021; US$75 million of it in the final quarter. In the near term, Cake DeFi’s immediate priorities are to continue growing its customer base as it aims to reach US$10 billion in total customer assets by the end of 2022.
ABOUT CAKE DEFI
Cake DeFi is a fully transparent, highly innovative, and regulated fintech platform dedicated to providing access to decentralized financial services and applications by enabling users to generate returns from their crypto and digital assets. It is operated and registered in Singapore and is fully compliant with all regulatory requirements of the Monetary Authority of Singapore (MAS).
By enabling and empowering its users to harness the potential of decentralized finance (DeFi), Cake DeFi aims to educate and inform people around the world on crypto and DeFi in a simple, easy to understand and hassle-free manner. The company has launched a “Learn & Earn” programme for new users to understand the basics of crypto and be rewarded with crypto for the completion of the course.
- Leticia Chua