Cake DeFi Launches New Product “Borrow” Enabling Users To Strengthen Their Crypto Portfolios

Cake DeFi, a fintech platform based in Singapore is elated to announce the launch of a new product, ‘Borrow’ that will give users opportunities to strengthen their crypto portfolios.

Cake DeFi’s new product reportedly allows users to borrow Decentralized USD (DUSD) by pegging Ether, Bitcoin, Tether USDC, and DFI as collateral. Note, Borrow will allow users to use these cryptocurrencies as collateral as long as at least 50% of the collateral Is DFI. 

Notably, this new product will help users use their borrowed DUSD to purchase Items or invest in products that have the potential to generate income. The borrowed DUSD can be invested in Cake’s DeFi lending, liquidity mining, and staking to earn up to 70% APR. Borrow has a preset collateralization ratio of 200% and a 5% annual percentage rate (APR) that is subject to change.  

While commenting on the new product, Dr. Julian Hosp, co-founder, and CEO of Cake DeFi stated:

“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 is an all-in-one platform created to allow users to generate high returns on their crypto while managing their funds in a fully transparent environment. The platform provides access to decentralized financial services and applications that enable users to generate these returns. Cake DeFi empowers its users with educative resources and information that help them harness the power within decentralized finance. To fulfill this objective, Cake DeFi has launched a Learn and Earn program for new users to help them understand the basics of crypto. The program rewards these new users with crypto after completion of the course. 

Since its launch, the platform has seen significant growth in its operations. Last year, a total of $230 million were paid out to customers as rewards. In particular, $75 million of the total amount was made in the final quarter of 2021. Before the end of 2022,  the platform seeks to grow its customer base to reach $10 billion in total customer assets.