CakeDeFi reassures customers as fear and uncertainty sweep through the crypto market
The Crypto turmoil of the past few days has been nothing short of fear and anxiety for investors. Just last Friday, Bitcoin was trading at around $30,000. Then over the weekend, crypto lender Celsius announced it was pausing all account withdrawals, sparking fears among investors that the crypto lending giant might be insolvent and go bust.
The announcement from Celsius rippled through the entire crypto market causing bitcoin to fall as much as 20% before settling at over $21,000 as of the time of writing. The liquidity crisis at Celsius also has crypto investors worried about a broader contagion that could potentially bring down other major players in the crypto market.
To allay fears and worries, one crypto firm we’ve covered times and times again is now reassuring its customers that the current market conditions will have little or no impact on its daily business.
Cake DeFi is a Singapore-based fintech platform that’s making decentralized finance (DeFi) more accessible to the masses. The fintech startup has been pushing the envelope to empower users to harness the potential of DeFi and the services and applications accessible to everyone since its inception three years ago.
While Celsius is pausing all account withdrawals, CakeDeFi reassured its customers that it continues to process 99% of all withdrawals within 24 hours, the company said in a blog post on Monday.
“As usual, we are processing 99% of all withdrawals within 24 hours, even though some can take up to a maximum of 72 hours. In such uncertain times, exceptional service is of even greater importance. We, therefore, are working even harder than usual to ensure our services are working seamlessly.”
That’s not all. The company also goes on to explain its inner workings and what sets its apart from Celsius and other competitors. As most crypto investors know, some of the traits of most failed crypto companies are bad leadership, lack of trust, and transparency.
Cake DeFi was founded in 2019 by Julian Hosp and U-Zyn Chua. As of trust in the company, Cake DeFi has built partnerships with a dozen of other companies since its inception three years ago. As we also reported on Monday, Cake DeFi announced it has paid out over $317 million to customers, as part of the milestone marking its 3rd Anniversary. The fintech startup also announced it now has over $1 billion of customer assets on its platform, as of the end first quarter of 2022, further highlighting the growing users’ interest and trust in the company.
One of the ways CakeDeFi increases trust and attracts new customers is through transparency. Unlike other fly-by-night projects, Cake DeFi integrates transparency to the core of its business and how it operates. In addition, the company also has to abide by Singapore’s financial laws and regulations.
“As a Singapore-based fintech company, we have to ensure clear asset segregation whereby customers’ assets are kept separate from the company’s operating accounts. Simply put, our users have full control, full ownership, and full authority over their funds,” Cake DeFi said.
“As crypto investors continue to deal with the challenges of a volatile crypto market, we believe that crypto companies should up the ante in terms of providing both assurance and protection to their users and their hard-earned money. Providing transparency and protection is not only an obligation for us: it’s a must.”