Cake DeFi
Cake DeFi provides direct-to-consumer digital currency cashflow services to Southeast Asian retail investors via its Bake platform, serving close to one million users with over one billion USD in customer assets before its December 2024 acquisition by GS Technologies Ltd.
- Company typePrivate
- Founded2019
- HeadquartersSingapore, Singapore
- Headcount1–10
- GTM typeB2C
- OfferingSoftware
What Cake DeFi does
Cake DeFi (legally Cake Group) operated a direct-to-consumer digital assets platform that delivered cashflow services from digital currencies to individual retail investors, primarily in Southeast Asia. Founded in Singapore on June 7, 2019 by Dr. Julian Hosp and U-Zyn Chua, the company centered its offering on the Bake platform (accessible via bake.io), which provided transparent, straightforward yield-generating services on customer-held digital assets. At its peak, Cake served close to one million users, custodied over one billion USD in customer assets, and employed 180 staff.
The company's business model was built on transaction fees generated from digital currency cashflow services, with revenue tied to the volume of assets deployed across staking, lending, and liquidity provision strategies rather than fixed subscriptions. Distribution was exclusively self-serve and direct-to-consumer, targeted at retail users in Southeast Asia seeking transparent digital asset investment options, with no disclosed enterprise or institutional segment.
Cake's standalone trajectory was disrupted in December 2023 when co-founder U-Zyn Chua filed a winding-up application against the company, which the Singapore Courts dismissed in April 2024. The remaining team, led by Dr. Julian Hosp, executed a 90-day restructuring plan and returned the business to near cashflow neutrality before selling it to GS Technologies Ltd, a London Stock Exchange-listed company (ticker: GST) operating across blockchain payments, forex, and digital asset exchange in the UK, Lithuania, Singapore, and Australia, on December 11, 2024. Following the acquisition, Hosp announced his departure and the Bake platform was integrated into GST's broader digital finance ecosystem.
Cake DeFi firmographics
Firmographics- Name
- Cake DeFi
- Legal name
- Cake Group
- Website
- https://cakedefi.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Acquired
- Headcount range
- 1–10 employees
- Short description
- Cake DeFi provides direct-to-consumer digital currency cashflow services to Southeast Asian retail investors via its Bake platform, serving close to one million users with over one billion USD in customer assets before its December 2024 acquisition by GS Technologies Ltd.
- Ownership category
- akta.pro rank
Cake DeFi industry classification
Industry- Product category
- Decentralized Finance Platform
- akta.pro primary industry
- Yield, Vaults & Asset Management (vault strategies, robo-vaults, structured yield) (FSAPAEAG)
- akta.pro secondary industries
- Staking, Restaking & Liquid Staking Finance (LST/LRT, validator markets) (FSAPAEAH), Decentralized Lending & Borrowing Protocols (FSADAMAA), Yield Aggregators & Strategy Vaults (FSADAMAF), Liquidity Management & Market-Making Protocols (FSADAMAH)
Keywords
Where Cake DeFi is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices1 record
Markets served
Cake DeFi business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales
Revenue model
- Digital Currency Cashflow Services: Cake DeFi generates revenue through providing transparent, straightforward cashflow services from digital currencies to customers. The platform likely earns fees or spread from digital currency investment and cashflow management services.
Go-to-market motion1 record
Distribution channels1 record
Cake DeFi product offering
Product offeringCore offering
Cake DeFi operates the Bake Platform, a digital assets fintech platform that delivers transparent, straightforward cashflow services from digital currencies to individual retail investors. The platform enables users to generate returns on digital asset holdings through decentralized finance (DeFi) activities, including staking, lending, and yield strategies, accessible via a self-serve online interface.
Product overview
Cake DeFi operated as a unified digital assets platform centered on its Cake/Bake platform, which provided transparent, straightforward cashflow services from digital currencies. The platform served close to one million users with over one billion USD in customer assets before being acquired by GS Technologies Ltd on December 11, 2024. GS Technologies is a global technology company listed on the London Stock Exchange operating across blockchain payments, forex, and digital asset exchange. The Bake platform now integrates into GS Technologies' ecosystem spanning the UK, Lithuania, Singapore, and Australia.
Differentiator
Problem solved
Functional benefit
Products and services
- Bake Platform A digital currency cashflow services platform that provides transparent, straightforward cashflow services from digital currencies to individual retail investors in Southeast Asia, enabling users to generate returns on digital asset holdings through decentralized finance activities.
Quantifiable outcome
- Nearly 1 million users and over $1 billion in customer assets managed
Companies that use Cake DeFi
Customer profileSegments1 record
Ideal customer profiles1 record
Cake DeFi technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Cake DeFi partnerships and signals
Strategic signalScale indicators3 records
Recent moves7 records
Expansion highlights4 records
Cake DeFi competitors and assessment
Company assessmentDirect peers
- Lido Finance: Lido is the leading liquid staking protocol and a direct competitor in DeFi cashflow/yield generation. Cake DeFi's staking and yield offerings overlap materially with Lido's LST-based yield products for retail users.
- Aave: Aave is a dominant DeFi lending and borrowing protocol generating cashflow yields for crypto holders. Cake DeFi's lending and borrowing products compete in the same on-chain yield category.
- Yearn Finance: Yearn is a leading yield aggregator and vault strategy protocol — the closest on-chain analog to Cake DeFi's "cashflow services from digital currencies" positioning.
- Compound: Compound is a foundational DeFi lending protocol offering yield to crypto depositors. It competes directly with Cake DeFi's lending-based cashflow products.
- Nexo: Nexo is a CeFi/DeFi hybrid yield and lending platform serving retail crypto users with cashflow products. Highly comparable to Cake DeFi in product offering and retail targeting.
- YouHodler: YouHodler offers crypto yield, lending, and cashflow products aimed at retail users, directly comparable to Cake DeFi's yield and cashflow positioning.
Broad incumbents
- Binance Earn: Binance Earn is a broad incumbent offering staking, lending, and yield products to a global retail base including Southeast Asia. Competes with Cake DeFi on yield products and SEA retail mindshare.
- Crypto.com Earn: Crypto.com Earn offers staking and yield products to a large global retail audience, including strong SEA presence. Comparable in product category but operates as part of a broader exchange/wallet ecosystem.
Emerging players
- Stader Labs: Stader provides liquid staking across multiple chains, an emerging competitor in the DeFi cashflow/staking category that overlaps with Cake DeFi's staking-based yield products.
- Beefy Finance: Beefy is a yield optimizer and auto-compounder operating across multiple chains, competing in the same yield-aggregation space as Cake DeFi's cashflow services.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights4 records
Customer concentration
Cake DeFi social profiles
Digital presenceCake DeFi financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cake DeFi leadership team
Management profileNumber of profiles
Profiles1 record
Cake DeFi funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cake DeFi M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cake DeFi
What does Cake DeFi do?
Cake DeFi operates the Bake Platform, a digital assets fintech platform that delivers transparent, straightforward cashflow services from digital currencies to individual retail investors. The platform enables users to generate returns on digital asset holdings through decentralized finance (DeFi) activities, including staking, lending, and yield strategies, accessible via a self-serve online interface.
Is Cake DeFi a public or private company?
Cake DeFi is a private company. It is classified as corporate owned and is currently acquired.
When was Cake DeFi founded?
Cake DeFi was founded in 2019. It employs 1 to 10 people.
Where is Cake DeFi based?
Cake DeFi is headquartered in Singapore, Singapore, in the Asia region.
How does Cake DeFi make money?
One revenue line is on record: digital Currency Cashflow Services.
Who are Cake DeFi's main competitors?
Direct peers on record are Lido Finance, Aave, Yearn Finance, Compound, Nexo and YouHodler. Broad incumbents are Binance Earn and Crypto.com Earn. Emerging players are Stader Labs and Beefy Finance.
Does Cake DeFi have an API?
No public API is recorded for Cake DeFi.
What industry is Cake DeFi in?
Cake DeFi's product category is Decentralized Finance Platform. Its primary akta.pro industry code is FSAPAEAG, Yield, Vaults & Asset Management (vault strategies, robo-vaults, structured yield), with a secondary code of FSAPAEAH, Staking, Restaking & Liquid Staking Finance (LST/LRT, validator markets).