This Week has been an extraordinary “Maniac Week” for the crypto space, with cryptocurrency prices continuing to dip. Bitcoin (BTC) has been in a downward spiral and is now just above $20,000. Along with this, crypto service providers are beginning to feel the strain and some are being forced to suspend their services.
On Monday, DeFi users were hit with shocking news about the crypto lending giant. Celsius services were still being restored after a temporary suspension of withdrawals, transfers and trades. There are also rumours circulating that the crypto lender might be insolvent, but the company has yet to comment.
But stepping up to the challenge is Cake DeFi, a Singapore-based platform that permits users to deposit digital assets and earn returns on them. Cake DeFi has weathered every storm and remains strong.
In a post on their website, Cake DeFi reassured customers that the current market conditions have no effect on their day-to-day operations.
“First and foremost, we want to make sure our customers are confident that the current market climate will have minimal or no impact on Cake’s day-to-day activities. We generally process 95% of all withdrawals within 24 hours, some may take up to 72 hours. In times of uncertainty, exceptional service is even more essential. Therefore, to guarantee our services run smoothly, we are working harder than ever before.”
Clear Segregation of Assets for Maximum Security
Being a Singapore-based Fintech firm, Cake DeFi ensures that there is a clear separation of client assets from the company’s operating accounts. Furthermore, Cake DeFi users possess full control of their funds and have complete ownership. The platform only acts as an intermediary.
Unlike other DeFi service providers who require users to deposit digital assets, Cake DeFi only functions as a middleman, giving users access to DeFi services with “safe passage”. This can be done on the blockchain in a completely transparent manner.
Technically, users can perform transactions directly on the respective blockchain. What Cake DeFi provides is a platform that allows users to access all services from one place, with customer support and community.
Transparency
Cake DeFi makes available transparency on transactions, returns and master nodes.
Most other platforms, such as Celsius, Crypto.com, Binance CeFi, the leading CeFi platforms, are an example of a network that has enabled financial inclusion in some form. However, these are known to be a “black box”, providing little transparency. This means users do not have a clear understanding of where the returns are coming from, or if, in other cases, their funds are mixed with the company’s operating funds.
During times of market volatility such as these, Cake DeFi shines in ensuring users have their money protected through transparency.