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Cake DeFi Eyes Institutional Investors, Launches B2B Vertical

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Singapore’s Cake DeFi today announced the launch of its B2B vertical, Cake DeFi Enterprise at the Singapore FinTech Festival. The new vertical will enable institutions to access DeFi products and services in a simple, fully-transparent and self-custodial manner.

Cake DeFi will be scaling and launching Cake DeFi Enterprise to serve the burgeoning institutional market as well as digital assets managers looking to explore more DeFi investment products across other blockchains, the fintech said in an announcement on Wednesday.

Cake noted the market opportunity in the DeFi space, saying that the total value of assets locked in DeFi protocols has grown from US$1 billion in 2020 to over US$200 billion at the beginning of 2022, with a total Serviceable Addressable Market of US$47 billion.

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“With the launch of Cake DeFi Enterprise, we will be scaling Cake DeFi’s trusted and transparent model to provide a secure gateway to DeFi for institutions. In the past year, we have received many institutional business enquiries, indicating a strong demand for institutional DeFi services,” said U-Zyn Chua, CTO and co-founder of Cake DeFi.

Cake DeFi Enterprise’s enterprise-grade DeFi solution for institutions is built on the three unique selling propositions of full self-custody, complete transparency, and simplified fund management. Cake DeFi Enterprise plans to launch DeFi services such as Liquidity Mining, Token Swaps and Lending in the initial phase, with the suite of services to be expanded over time, the announcement said.

Founded in 2019, Cake DeFi saw its strongest quarter yet in Q2 2022. The platform has served more than 1 million retail customers from over 190 countries around the world, managing over US$1 billion in customer assets, while out close to US$400 million in rewards.

In September, Cake announced the launch of its research arm, saying it is investing US$50 million in R&D over the next four years. Part of its immediate plans is to double its research, engineering and product headcount to over 100 staff.

Related: Cake DeFi Announces $50M R&D “Birthday Research”