Singapore’s Cake DeFi Launches New Loan Service, Accepting Crypto as Collateral

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Cake DeFi, a Singapore-based fintech platform, announced connected Thursday that it has launched a caller decentralized concern (DeFi) work that lets users get loans utilizing cryptocurrencies arsenic collateral.

The fintech steadfast said that the caller work – which is called Borrow – allows customers to instrumentality a indebtedness successful decentralized USD stablecoin (DefiDollars), utilizing their Bitcoin (BTC), Ether (ETH), Tether (USDT), USD Coin (USDC), oregon DeFi Chain (DFI) tokens arsenic collateral, astatine a preset collateralization ratio of 200% and 5% yearly percent complaint (APR), which are taxable to change.

Cake DeFi further stated that customers tin past walk the borrowed DUSD stablecoin to acquisition items oregon put successful Cake DeFi’s passive income-generating solutions similar staking, lending, and liquidity mining, either straight oregon aft swapping it with different coins.

Julian Hosp, Cake DeFi co-founder and CEO, talked astir the improvement and said that the motorboat of the caller merchandise came arsenic a effect of beardown request for idiosyncratic and commercialized loans that judge cryptocurrency arsenic collateral. He cited a survey by fintech institution Stilt that identified that 94% of crypto users are either Generation Z oregon millennials.

“We are excited to motorboat Borrow, to supply users with much liquidity to put successful DeFi services portion holding connected to their assets. DeFi empowers radical to make passive income connected their cryptocurrencies without the changeless request to trade. It is our extremity astatine Cake DeFi to support bringing specified innovative services to our users,” Hosp elaborated.

Facilitating Innovation and Growth

Early past month, Cake DeFi launched its firm task limb with $100 cardinal successful the capital.

The caller task arm, called Cake DeFi Ventures, focuses its investments crossed the metaverse, Web3, the NFT space, fintech, gaming, and esports spaces truthful arsenic to payment the halfway concern of the genitor company.

Cake DeFi was established successful 2019 arsenic a steadfast dedicated to solving people’s fiscal problems. The ngo of the institution is to pass and amended planetary users astir cryptocurrency and DeFi successful a simple, understandable, and straightforward manner.

The steadfast is simply a afloat compliant platform, registered by the Monetary Authority of Singapore (MAS). Currently, Cake DeFi manages implicit $1 cardinal successful lawsuit assets and has astir 500,000 customers globally. The fintech level focuses connected creating DeFi services and applications specified arsenic liquidity mining, staking, and lending, which generates crypto returns for users.

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