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

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

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Cake DeFi, a fintech platform based mostly in Singapore is elated to announce the launch of a brand new product, ‘Borrow’ that can give customers alternatives to strengthen their crypto portfolios.

Cake DeFi’s new product reportedly permits customers to borrow Decentralized USD (DUSD) by pegging Ether, Bitcoin, Tether USDC, and DFI as collateral. Observe, Borrow will enable customers to make use of these cryptocurrencies as collateral so long as not less than 50% of the collateral Is DFI. 

Notably, this new product will assist customers use their borrowed DUSD to buy Gadgets or spend money on merchandise which have the potential to generate earnings. The borrowed DUSD could be invested in Cake’s DeFi lending, liquidity mining, and staking to earn as much as 70% APR. Borrow has a preset collateralization ratio of 200% and a 5% annual share charge (APR) that’s topic to alter.  

Whereas commenting on the brand new product, Dr. Julian Hosp, co-founder, and CEO of Cake DeFi acknowledged:

“We’re excited to launch Borrow to supply customers with extra liquidity to spend money on DeFi providers whereas holding on to their property. DeFi empowers individuals to generate passive earnings on their cryptocurrencies with out the fixed have to commerce. It’s our aim at Cake DeFi to maintain bringing such revolutionary providers to our customers.”

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Cake DeFi is an all-in-one platform created to permit customers to generate excessive returns on their crypto whereas managing their funds in a completely clear surroundings. The platform supplies entry to decentralized monetary providers and functions that allow customers to generate these returns. Cake DeFi empowers its customers with educative sources and data that assist them harness the facility inside decentralized finance. To meet this goal, Cake DeFi has launched a Study and Earn program for brand spanking new customers to assist them perceive the fundamentals of crypto. This system rewards these new customers with crypto after completion of the course. 

Since its launch, the platform has seen vital development in its operations. Final 12 months, a complete of $230 million have been paid out to prospects as rewards. Specifically, $75 million of the whole quantity was made within the last quarter of 2021. Earlier than the tip of 2022,  the platform seeks to develop its buyer base to achieve $10 billion in complete buyer property.