Cake DeFi powering the future of DeFi with a new enterprise-grade solution for institutions
- Cake DeFi has announced the launch of DeFi’s enterprise-grade solution for institutions.
- Since its inception, the company has paid out close to US$400 million in rewards and achieved more than one million retail customers from over 190 countries around the world.
When talking about digital financial services, decentralized finance (DeFi) should be mentioned because of its potential to enhance these services. The term is common in the cryptocurrency industry; DeFi attempts to dismantle the decades-old financial system by democratizing banking, lending, and trading control – leaving it in users’ hands rather than a centralized authority.
Changing the banking industry
DeFi is revolutionizing the financial industry with protocols that can get beyond conventional financial intermediaries, linking consumers directly to the markets and services they require using Ethereum’s decentralized architecture. DeFi is creating a new paradigm for trade, lending, and banking.
DeFi is well positioned for expansion in the Asian market, particularly the Southeast Asian region, where the population is comparatively young and tech-savvy.
Fintech News Singapore reported that Vietnam and Thailand have staked claims as the second and third most active nations in engagement with DeFi platforms. Similarly, the value locked in Ethereum smart contracts increased significantly during the past year in the Philippines, Indonesia, and Singapore.
Cake DeFi’s solution to revolutionize DeFi
One of the many fintech businesses accelerating DeFi is Cake DeFi. At the Singapore FinTech Festival, the company announced the launch of its B2B vertical, Cake DeFi Enterprise. The new vertical will make it easy, transparent, and self-custodial for institutions to use DeFi products and services.
At the start of 2022, the total value of assets locked in DeFi protocols had increased from US$1 billion since 2020 to more than US$200 billion. With a Serviceable Addressable Industry of US$47 billion, the company will expand and introduce Cake DeFi Enterprise to cater to the growing institutional market as well as to digital asset managers eager to explore further DeFi investment products on other blockchains.
According to U-Zyn Chua, CTO and Co-Founder of Cake DeFi, the firm will scale its transparent and trusted paradigm by introducing Cake DeFi Enterprise to offer a secure gateway to decentralized finance for institutions. A significant increase in business inquiries over the past year, indicates a need for institutional DeFi services.
“Our unique full self-custodial solution will allow institutional clients to retain full control and ownership of their digital assets while enjoying the yield and transparency of DeFi. Our new B2B vertical Cake DeFi Enterprise supports the Singapore Government’s direction on digital asset innovation. We are committed to building the B2B digital asset infrastructure and uplifting Singapore’s blockchain ecosystem to drive innovations in fintech,” said Chua.
Full self-custody, total transparency, and streamlined fund management are the three selling points of Cake DeFi Enterprise’s enterprise-grade DeFi solution for institutions. In the initial phase, Cake DeFi Enterprise plans to introduce DeFi services, including liquidity mining, token swaps, and lending. Over time, the range of services will be expanded.
Cake customers will be able to fully control their keys with DeFi Enterprise’s fully self-custodial solution, maintaining full ownership of their digital assets. Therefore, customers will have total transparency when moving funds to DeFi products and services on-chain and tracking their yields. Multi-signature wallets, multiple approvers, and sub-account setups simplify and secure fund administration.