Cake Labs
Cake Labs builds non-custodial, open-source multi-coin cryptocurrency wallets led by Cake Wallet (250,000+ users), serving privacy-conscious crypto holders via cross-platform apps and monetizing through gift-card marketplace spreads, exchange referral fees, and a fiat pricing API.
- Company typePrivate
- Founded2018
- HeadquartersNevis, St. Kitts & Nevis
- Headcount1–10
- GTM typeB2C
- OfferingSoftware
What Cake Labs does
Cake Labs LLC is a private cryptocurrency software company founded in 2018 and operating from Nevis (Saint Kitts and Nevis) and the United States with approximately 10 employees. The company develops non-custodial, open-source cryptocurrency wallets built primarily in Flutter for cross-platform deployment across iOS, Android, MacOS, Linux, and Windows. Its flagship product, Cake Wallet, has accumulated more than 250,000 users since January 2018 and supports Bitcoin, Monero, Litecoin, Ethereum, Polygon, Solana, Tron, and select ERC-20 tokens including stablecoins. The company also operates Monero.com (a Monero-only wallet fork with 10,000+ users launched in 2022), Cake Pay (a gift card marketplace accessible at 150,000+ US merchant locations and 140+ countries via Cake Pay Web), and Cupcake (an air-gapped companion app for offline Monero storage).
The company's core technology stack emphasizes privacy-protocol firsts: it was the first fully-featured wallet to implement Bitcoin Silent Payments (BIP352) in January 2024 and the first cross-platform wallet to implement Litecoin MWEB (MimbleWimble Extension Blocks) in October 2024. It maintains native Tor integration via Foundation Devices' MIT-licensed library, hardware-wallet support for Ledger devices across multiple coins, WalletConnect bridging, and advanced privacy settings that allow users to disable all server communication. The codebase is open source under MIT licensing.
Cake Labs employs a product-led growth model with no enterprise sales motion. The core wallet applications are free; revenue is generated indirectly through three streams: (1) marketplace spreads on Cake Pay gift card purchases (the company buys cards at a discount and passes 1-3% savings to users), (2) referral and revenue-share fees from integrated on-ramp and exchange partners (Onramper, MoonPay, ChangeNOW, Trocador, Robinhood Connect, and others), and (3) B2B licensing of its proprietary Cake Labs Pricing API, currently used by partners such as IVPN for Monero fiat pricing. The company is led by CEO Vik Sharma and is bootstrapped, with no disclosed venture funding rounds or institutional investors.
Cake Labs firmographics
Firmographics- Name
- Cake Labs
- Legal name
- Cake Labs LLC
- Website
- https://cakelabs.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Cake Labs builds non-custodial, open-source multi-coin cryptocurrency wallets led by Cake Wallet (250,000+ users), serving privacy-conscious crypto holders via cross-platform apps and monetizing through gift-card marketplace spreads, exchange referral fees, and a fiat pricing API.
- Ownership category
- akta.pro rank
Cake Labs industry classification
Industry- Product category
- Cryptocurrency Wallet
- SIC
- Finance Services (6199)
- akta.pro primary industry
- International / Multi-Currency Wallets (FSAMAEAL)
- akta.pro secondary industries
- Digital Gift Cards, Vouchers & Stored-Value (Crypto) (FSADAIAN), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL)
Keywords
Where Cake Labs is headquartered
LocationHeadquarters
- HQ city
- Nevis
- HQ country
- St. Kitts & Nevis
Offices2 records
Markets served
Cake Labs business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Gift Card Marketplace (Cake Pay): Users purchase gift cards through Cake Pay within the wallet. The company obtains cards at a discount and passes a portion of savings to users. This is described as the largest update to Cake Wallet, enabling cryptocurrency payments at over 150,000 US merchant locations initially, expanding to 140+ countries via Cake Pay Web.
- Fiat Pricing API Licensing: Cake Labs offers a fiat pricing API that other companies (e.g., IVPN) use to query cryptocurrency prices for fair customer charging. This represents a B2B API licensing revenue stream.
- Integrated Exchange Fees: The wallet integrates multiple exchanges (Onramper, MoonPay, ChangeNOW, SideShift, SimpleSwap, StealthEx, LetsExchange) for cryptocurrency buying/selling/swapping. The company likely receives referral fees or revenue share from these integrations.
- Core Wallet Application: The core Cake Wallet and Monero.com applications are free and open source. No direct revenue from the wallet itself; monetization occurs through ecosystem services like Cake Pay and exchange integrations.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Free wallet application with optional premium services |
Go-to-market motion1 record
Distribution channels8 records
Marketing channels8 records
Cake Labs product offering
Product offeringCore offering
Cake Labs builds non-custodial, open-source cryptocurrency wallet software led by Cake Wallet (a multi-coin wallet supporting Monero, Bitcoin, Litecoin, Ethereum, Polygon, Solana, and others). It complements this with Monero.com (a Monero-only fork), Cake Pay (a gift card marketplace enabling crypto-to-merchant spending), and Cupcake (an air-gapped companion app). The company also licenses a fiat pricing API to partners such as IVPN for accurate cryptocurrency pricing.
Product overview
Cake Labs builds cryptocurrency software focused on everyday use and solving common problems. The core product is Cake Wallet, a non-custodial, open-source multi-coin wallet supporting 10+ cryptocurrencies including Monero, Bitcoin, Litecoin, Ethereum, and others. This is complemented by Monero.com, a Monero-focused fork for users wanting a dedicated Monero experience, and Cake Pay for purchasing gift cards with cryptocurrency. The ecosystem also includes the Cupcake airgapped companion app for enhanced security and a public-facing Pricing API for partners. All products emphasize privacy, user autonomy, and simplicity.
Differentiator
Problem solved
Functional benefit
Brands
- Cake Wallet: Leading non-custodial multi-coin cryptocurrency wallet with over 250,000 users, supporting Bitcoin, Ethereum, Litecoin, Monero, Polygon, Solana, and other cryptocurrencies. Features include buying/selling with fiat, cryptocurrency exchanges, and marketplace.
- Monero.com
- Cake Pay
- Monero.com Website
- Cupcake
Products and services
- Cake Wallet Leading non-custodial, open-source multi-cryptocurrency wallet with over 250,000 users on iOS and Android since January 2018. Supports Bitcoin, Monero, Litecoin, Ethereum, Polygon, Solana, Tron, Wownero, and Bitcoin Cash, with features including fiat buying/selling, integrated exchanges, gift card purchases, Ledger hardware wallet support, and advanced privacy features like Tor integration and Silent Payments.
- Monero.com by Cake Wallet Monero-only fork of Cake Wallet launched in January 2022 with over 10,000 users. Offers a focused Monero experience including education resources, exchange for buying Monero with Bitcoin or credit card, and a modern block explorer.
- Cake Pay Cryptocurrency payment service enabling purchase of gift cards with XMR, BTC, and LTC for use at millions of merchants worldwide. Cake Pay Mobile operates in the US; Cake Pay Web expanded to 140+ countries.
- Cupcake Air-gapped companion app that works with Cake Wallet for offline, highly secure Monero fund management. Available on App Store, Google Play, and F-Droid, used with Cake Wallet's QR code reading feature for airgapped wallets.
- Cake Labs Pricing API Public-facing fiat pricing API providing accurate cryptocurrency pricing data to Cake Wallet end users and to external partners such as IVPN, who use it to query XMR pricing for their Monero payment services.
Quantifiable outcome
- 250,000+ users served
- +4 more outcomes
Companies that use Cake Labs
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles4 records
Cake Labs technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration18 records
Feature14 records
Cake Labs partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core.
- IVPNcoreIVPN uses Cake Labs Pricing API to offer Monero payments to its customers. Cake Labs provides accurate fiat pricing data for XMR charging. Both companies are respected privacy community names with aligned values around user privacy and no-email-required accounts.
- OnrampercoreOnramper provides the buy/sell widget integration in Cake Wallet, offering multiple provider options for purchasing crypto with fiat. Part of the new buy widget since Flutter upgrade v4.5.0.
- MoonPaycoreOne of the fiat-onramps integrated into Cake Wallet for purchasing cryptocurrency directly within the app.
- ChangeNOWcoreExchange partner for cryptocurrency swapping within Cake Wallet. One of the earliest integrated exchanges with ongoing improvements.
- TrocadorcoreExchange aggregator and AnonPay integration for anonymous coin swapping. Trocador is described as one of the hottest new ways to trade XMR. Future integration of Trocador AnonPay for invoices and donation links.
- Foundation DevicescoreFoundation changed their Tor library license to MIT, enabling Cake Labs to integrate native Tor support into Cake Wallet. Foundation is also a hardware wallet brand that Cake Labs is working with for 2025 hardware wallet support.
Scale indicators5 records
Recent moves6 records
Expansion highlights5 records
Cake Labs competitors and assessment
Company assessmentDirect peers
- Edge Wallet: Non-custodial multi-coin mobile wallet with strong privacy stance, client-side encryption, and built-in exchange/swap features. Highly comparable privacy-first positioning to Cake Wallet.
- Samourai Wallet: Privacy-focused Bitcoin mobile wallet with CoinJoin and Tor support, targeted at the same privacy-crypto user segment as Cake Wallet (note: founders were arrested in 2024, service status uncertain).
- Atomic Wallet: Non-custodial multi-asset wallet with integrated swap and staking across 1,000+ assets. Directly comparable to Cake Wallet's free, multi-coin, integrated-exchange positioning.
- Wasabi Wallet: Open-source, privacy-focused Bitcoin desktop wallet using CoinJoin. Competes directly with Cake Wallet's privacy-first Bitcoin features such as Silent Payments and Tor.
- Trust Wallet: Binance-owned non-custodial multi-chain mobile wallet supporting dozens of chains, including BTC, ETH, LTC, and ERC-20 tokens. Most direct multi-coin wallet competitor with vastly larger user base and VC backing.
- Exodus Wallet: Non-custodial multi-coin wallet available on desktop and mobile supporting BTC, ETH, LTC, SOL, and many other assets with built-in exchange. Closely comparable product surface and target user.
- Mycelium Wallet: Long-standing non-custodial Bitcoin and Ethereum mobile wallet with Tor and hardware-wallet support, targeting privacy-aware crypto holders much like Cake Wallet.
Broad incumbents
- MetaMask: ConsenSys-backed Ethereum-focused wallet that also supports many EVM chains and integrates fiat on-ramps. Overlap is concentrated in ETH/Polygon support and WalletConnect, but it is a much broader incumbent.
Emerging players
- Trezor Suite: Companion software for Trezor hardware wallets offering BTC, ETH, LTC and other coin management with privacy features. Comparable to Cake Wallet's Ledger integration and Cupcake airgapped approach.
- Unstoppable Wallet: Non-custodial multi-chain mobile wallet emphasizing privacy, self-custody, and integrated swaps/exchanges. Closely aligned niche and feature set with Cake Wallet.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Cake Labs social profiles
Digital presenceCake Labs financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cake Labs leadership team
Management profileNumber of profiles
Profiles1 record
Cake Labs funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cake Labs 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 Labs
What does Cake Labs do?
Cake Labs builds non-custodial, open-source cryptocurrency wallet software led by Cake Wallet (a multi-coin wallet supporting Monero, Bitcoin, Litecoin, Ethereum, Polygon, Solana, and others). It complements this with Monero.com (a Monero-only fork), Cake Pay (a gift card marketplace enabling crypto-to-merchant spending), and Cupcake (an air-gapped companion app). The company also licenses a fiat pricing API to partners such as IVPN for accurate cryptocurrency pricing.
Is Cake Labs a public or private company?
Cake Labs is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Cake Labs founded?
Cake Labs was founded in 2018. It employs 1 to 10 people.
Where is Cake Labs based?
Cake Labs is headquartered in Nevis, St. Kitts & Nevis.
How does Cake Labs make money?
Four revenue lines are on record. Gift Card Marketplace (Cake Pay) is the primary driver. The others are fiat Pricing API Licensing, integrated Exchange Fees and core Wallet Application.
Who are Cake Labs's main competitors?
Direct peers on record are Edge Wallet, Samourai Wallet, Atomic Wallet, Wasabi Wallet, Trust Wallet, Exodus Wallet and Mycelium Wallet. MetaMask is listed as a broad incumbent. Emerging players are Trezor Suite and Unstoppable Wallet.
Does Cake Labs have an API?
Yes. Cake Labs offers a public-facing fiat pricing API that provides accurate cryptocurrency pricing data. This API is used by Cake Wallet for delivering fiat pricing data to end users and is also offered to partners. IVPN uses this API to query XMR pricing for their Monero payment services. The API powers both Cake Wallet end users and external partners. Developer documentation is at pricing-api-docs.cakelabs.com.
What industry is Cake Labs in?
Cake Labs's product category is Cryptocurrency Wallet. Its primary akta.pro industry code is FSAMAEAL, International / Multi-Currency Wallets, with a secondary code of FSADAIAN, Digital Gift Cards, Vouchers & Stored-Value (Crypto). Its SIC code is 6199.