Cake DeFi’s latest product would make it easier for users to maximise their returns in the decentralised finance (DeFi) space.
Cake DeFi, a Singapore-based fintech platform that makes DeFi services and applications accessible to everyone, announced the launch of its Borrow product earlier today.
According to the press release shared with Coinjournal, Borrow would grant Cake DeFi users the opportunity to strengthen their crypto portfolios and potentially boost their returns.
Cake DeFi said Borrow allows its users to borrow Decentralized USD (DUSD) by pledging Bitcoin (BTC), Ether (ETH), Tether (USDT), USD Coin (USDC) and DFI as collateral.
Traders and investors can use a combination of these cryptocurrencies as collateral, as long as at least 50% of the collateral is DFI.
Dr. Julian Hosp, co-founder and CEO of Cake DeFi, 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.”
The team added that the borrowed DUSD could be used to purchase items or invest in products that generate passive income, such as Cake DeFi’s Lending, Staking and Liquidity Mining.
According to Cake DeFi, Borrow presents its users with better options than just HODLing their tokens. The liquidity they provide to the network is rewarded with the passive income they receive.
Cake DeFi prides itself as a regulated fintech platform focused on providing users with access to DeFi services. The platform recorded huge growth last year, with more than $230 million paid out to users as rewards over the course of the year.
The company said it is focused on growing its customer base in a bid to have $10 billion in assets under management before the end of the year.
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