Cake DeFi’s latest product would make it easier for users to maximize their returns in the decentralized 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 give Cake DeFi users the opportunity to bolster their crypto portfolios and potentially increase 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.
Cake DeFi co-founder and CEO Dr. Julian Hosp said;
“We are excited to launch Borrow to provide users with more liquidity to invest in DeFi services while retaining their assets. DeFi allows people to generate passive income on their cryptocurrencies without the constant need to trade. Our goal at Cake DeFi is to continue to bring 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 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 on being a regulated fintech platform focused on providing users with access to DeFi services. The platform saw huge growth last year, with more than $230 million paid out to users in rewards during the year.
The company said it is focused on growing its customer base with the goal of having $10 billion in assets under management before the end of the year.