Cake Wallet

What Cake Wallet does

Cake Wallet is a non-custodial, open-source cryptocurrency wallet operated by Cake Labs LLC, a Nevis-incorporated entity founded in 2017 with the wallet product launched in 2018. The wallet, which originated as the first Monero wallet for iOS, supports XMR, BTC, ETH, LTC, USDT, and additional tokens, serving approximately 1.75 million cumulative users who prioritize financial privacy and self-custody. The platform is distributed globally through the iOS App Store, Google Play, the privacy-focused Accrescent Android store, GitHub releases, and direct downloads for Linux and Windows.

The technology stack is centered on cryptographic and blockchain primitives rather than AI or data-driven features. Proprietary technical contributions include Monero background sync, Bitcoin Silent Payments integration, the first mobile implementation of Litecoin's MWEB (Mimblewimble Extension Block) privacy network, and full hardware wallet support. The wallet is open-source on GitHub, enabling community code review and contribution, and is accompanied by an ecosystem of adjacent products: Cake Pay for everyday crypto spending, Monero.com as a Monero-specialized wallet, and Cupcake as a lightweight entry-level wallet.

The business model is indirect: the core wallet application is offered 100% free to users, with revenue generated through transaction fees and spreads on integrated third-party exchange services (ChangeNOW) and fiat-to-crypto on-ramps (Onramper, MoonPay). The company operates a product-led growth model with no sales function, relying on app store distribution, community channels (Matrix, Telegram, forum), and word-of-mouth within the privacy-focused crypto community. The company appears to be founder-owned and bootstrapped, with no external funding rounds, no institutional investors, and a small publicly identified leadership team consisting of CEO Vikrant Sharma, COO Seth For Privacy, Senior Software Engineer Omar Hatem, and UX/UI Designer Tuxsudo.

Name

Cake Wallet

Legal name

Cake Labs LLC

Website

https://cakewallet.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Cake Wallet is a non-custodial, open-source cryptocurrency wallet supporting XMR, BTC, ETH, LTC, and USDT, serving 1.75M+ privacy-conscious users across iOS, Android, and desktop platforms through Cake Labs LLC.

Ownership category

akta.pro rank

SIC

Finance Services (6199)

akta.pro primary industry

Self-Custody Wallets (Consumer & Institutional) (FSADACAE)

akta.pro secondary industry

In-App / Online Checkout Wallets (FSAMAEAH)

Keywords

• Non-custodial wallet
• Cryptocurrency wallet
• Multi-chain wallet
• Self-custody software
• Privacy crypto

Headquarters

HQ city

Charlestown

HQ country

St. Kitts & Nevis

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Integrated Exchange Fees: Revenue generated through exchange services integrated within the wallet (XMR, BTC, ETH, LTC, USDT swaps). While the wallet has 'no limits' on exchanges, Cake Wallet likely earns fees or spreads on these transactions through partner exchange aggregators.
2. Third-party Fiat Gateway Integration: Integration with third-party services (ChangeNOW, Onramper, MoonPay) for purchasing cryptocurrency directly within the app, which may generate referral or transaction fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Cake Wallet is a non-custodial, open-source cryptocurrency wallet application that enables individual users to store, send, receive, and exchange digital assets including Monero (XMR), Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and USDT across mobile and desktop platforms. The wallet is offered free of charge and is differentiated by privacy-focused features such as Monero support, Bitcoin Silent Payments, Litecoin MWEB, hardware wallet integration, and background synchronization. Cake Labs extends the offering with sister products Cake Pay (crypto spending), Monero.com, and Cupcake (a lightweight wallet).

Product overview

Cake Wallet is a single, unified non-custodial cryptocurrency wallet application developed by Cake Labs LLC, focused on financial privacy and self-custody. The product suite includes the core Cake Wallet app (multi-currency wallet supporting XMR, BTC, ETH, LTC, USDT and more), integrated Cake Pay for spending crypto in daily life, and the related Monero.com and Cupcake sub-brands. The platform emphasizes open-source development, trustless software, built-in exchange functionality, and privacy-focused features including hardware wallet support, background sync, and Litecoin's MWEB privacy network.

Differentiator

Problem solved

Functional benefit

Brands

• Cake Pay: A service that allows users to seamlessly spend their cryptocurrency in everyday life, just like cash.
• Monero.com
• Cupcake

Quantifiable outcome

• Trusted by 1,750,000+ users
• +1 more outcomes

Named customers1 record

Segments3 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature6 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Cake Labs LLCcoreOthersCake Labs LLC is the parent company and developer of Cake Wallet. Founded in 2017 by Vikrant Sharma, Cake Labs builds self-custody tools focused on privacy, security, and decentralization. The company also developed Monero.com and related products.
• Cake PaycoreStrategic or Co-development PartnerCake Pay is an integrated payment solution allowing Cake Wallet users to spend cryptocurrency in everyday life, similar to cash. It extends Cake Wallet's functionality from a wallet to a spending platform.
• Monero.comminorStrategic or Co-development PartnerMonero.com is a related product from Cake Labs providing additional Monero-focused services and tools, operating under the same parent company.
• CupcakeminorStrategic or Co-development PartnerCupcake is a simplified cryptocurrency wallet from Cake Labs, positioned as a lighter alternative to Cake Wallet for users new to cryptocurrency. Available on Google Play Store.
• ChangeNOWcoreTechnology or IntegrationThird-party exchange service integrated into Cake Wallet for cryptocurrency swaps. Users can exchange XMR, BTC, ETH, LTC, USDT and other tokens directly within the wallet.
• OnrampercoreTechnology or IntegrationThird-party fiat-to-crypto gateway integrated into Cake Wallet, enabling users to purchase cryptocurrency directly within the app using traditional payment methods.
• MoonPaycoreTechnology or IntegrationThird-party fiat-onramp service integrated into Cake Wallet for buying cryptocurrency. Part of the optional Fiat API service mentioned in the privacy policy.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• MetaMask: Leading self-custodial crypto wallet with mobile and browser extensions, supporting ETH, BTC, LTC, and EVM chains with built-in swap. Closest scale competitor to Cake Wallet in the multi-chain self-custody category, though MetaMask does not support Monero.
• Trust Wallet: Multi-chain self-custodial mobile wallet supporting BTC, ETH, LTC and many EVM chains with built-in swap and fiat on-ramp. Directly comparable to Cake Wallet's product surface as a free, multi-chain consumer crypto wallet with integrated exchange functionality.
• Edge Wallet: Non-custodial mobile wallet with strong privacy focus and multi-chain support including BTC, ETH, LTC. Directly comparable to Cake Wallet in positioning around privacy, self-custody and ease of use.
• Atomic Wallet: Multi-chain non-custodial wallet with built-in swap and staking across BTC, ETH, LTC, USDT and many other assets. Closely matches Cake Wallet's multi-chain + built-in exchange positioning for retail crypto users.
• Samourai Wallet: Privacy-focused Bitcoin mobile wallet with features such as coin control and Whirlpool mixing. Comparable to Cake Wallet on the privacy/sovereignty axis, though Bitcoin-only rather than multi-chain.
• Wasabi Wallet: Open-source, non-custodial Bitcoin wallet with built-in CoinJoin privacy features. Directly comparable to Cake Wallet on the privacy-first open-source architecture dimension, though Bitcoin-only.
• Exodus Wallet: Multi-chain desktop and mobile non-custodial wallet supporting BTC, ETH, LTC and dozens of other assets with integrated swap functionality. Comparable target customer (self-custody multi-chain users) and product surface to Cake Wallet.
• Trezor Suite: Companion software to Trezor hardware wallets providing self-custody management of BTC, ETH, LTC and many other assets. Comparable to Cake Wallet's hardware-wallet-supported self-custody offering, though tied to Trezor's own hardware.
• MyMonero: Web and mobile Monero-specific wallet offering XMR storage and transactions. Directly comparable to Cake Wallet's original Monero-first use case before the wallet expanded to multi-chain.

Emerging players

• Phantom Wallet: Self-custodial multi-chain wallet (originally Solana-focused, now expanding to BTC, ETH) with built-in swap. Overlaps with Cake Wallet on the self-custody mobile consumer category, though its center of gravity remains Solana/EVM chains rather than Monero/privacy.

Market position

Strengths2 records

Weaknesses4 records

Competitive moat6 records

Key risks1 record

Key highlights2 records

Customer concentration

• GitHubgithub.com/cake-tech/cake_wallet
• Xx.com/cakewallet
• LinkedInlinkedin.com/company/cakewallet

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cake Wallet