CakeDefi Launches a New “Borrow” Feature Allowing Users to Collateralize Crypto
Singapore, Singapore–(Newsfile Corp. – April 28, 2022) – 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.
CakeDefi Launches a New “Borrow” Feature Allowing Users to Collateralize Crypto
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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.
“We are excited to launch Borrow to provide users with more liquidity to invest in DeFi services while holding on to their assets. 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.
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.
Media contact: Leticia Chua, media@cakedefi.com
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