Singapore-headquartered fintech platform Cake DeFi, which produces decentralized finance (DeFi) applications and services, has launched a new product, “Borrow,” which will enable customers to diversify their cryptocurrency holdings and potentially enhance their returns.
Borrow to enable users to borrow DUSD
Customers can obtain Decentralized USD (DUSD) at a predetermined collateralization ratio of 200% and a 5% annual percentage rate (APR) using their current Ether (ETH), USD Coin (USDC), Bitcoin (BTC), Tether (USDT), and DFI as collateral (subject to change). Users can utilize a mix of these cryptos as security-provided DFI accounts for a minimum of 50% of the total.
The loaned DUSD could be utilized to buy things or invest in passive income-generating products like Cake DeFi’s Staking, Liquidity Mining, and Lending, whereby more than 70% APR returns are normal. Borrow provides customers with the capital they could use toward creating predictable additional income, which is a better alternative than HODLing.
Cake DeFi CEO and Co-founder Dr. Julian Hosp said:
We are excited to launch Borrow to provide users with more liquidity to invest in DeFi services while holding on to their assets. DeFi empowers people to generate passive income on their cryptocurrencies without the constant need to trade. It is our goal at Cake DeFi to keep bringing such innovative services to our users.
Cake DeFi controls over $1 billion in client’s digital assets
The platform is a worldwide financial platform that is highly innovative, entirely transparent, and controlled, with more than $1 billion in client assets. Cake DeFi enables its customer base of more than 700,000 registered members –– and rising –– to profit from their crypto-asset investments through cash flow.
In the year 2021, Cake DeFi has enjoyed remarkable growth. In 2021, clients received around $230 million in prizes, with $75 million of that coming in the last quarter. Cake DeFi’s primary ambitions in the short run are to keep building its client base to reach $10 billion in aggregate assets by the end of this year.
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