This week has been nothing short of “Maniac Week’ for the crypto community as crypto prices continue to fall. Bitcoin (BTC) has been leading the fall and it is currently barely holding above $20,000. Alongside the plunge, crypto services providers are starting to become shaky with a few already being forced to pause services.
On Monday, DeFi participants woke to the shocking news that the crypto lending giant Celsius was pausing withdrawals, transfers, and swaps indefinitely and the services are yet to resume to date. There are also rumors that the crypto lender may be insolvent; although the company has not responded to this.
But fast forward to Cake DeFi, a Singapore-based staking, lending, and liquidity pool platform that enables users to deposit and earn a yield on a variety of digital assets. Cake DeFi has stood the test and weathered the storm.
In a post published on its website, Cake DeFi assured its users that the current market condition has very little impact on the platform’s daily business.
Part of the post read:
“First and foremost, we want to reassure our customers that the current market conditions have little or no impact on Cake’s daily business. 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.”
Clear asset segregation for safety
Being a Singaporean fintech company, Cake DeFi has to ensure there is clear asset segregation. Customers’ assets are kept separate from the company’s operating accounts. And in addition, Cake DeFi’s users have full control and full ownership over their funds; the platform only acts as an intermediary.
Contrary to other DeFi service providers that require users to deposit their digital assets with them, Cake DeFi only acts as intermediary providing users with a “safe passage” to decentralized (DeFi) services on the blockchain in a fully transparent manner.
Technically speaking users can make the transactions on the respective blockchain. What Cake DeFi does is provide a one-stop platform where the users can access all the services at a single point with community and customer support.
Cake DeFi provides transparency on all transactions, yields, master nodes, and any other data that is valuable to users.
The majority of the other platforms like Celsius, Crypto.com, and Binance are first of all centralized finance (CeFi) platforms are in one way or another have a “black box” that offers limited transparency. This means that users do not have a clear picture of where the yields are coming from or in other cases whether their funds are being combined with the company’s operational funds.
In times like this when the market volatility is through the roof, Cake DeFi stands tall when it comes to assuring users of the protection of their hard-earned money by providing transparency.