Using the Tough Times to Grow: Message from Dr. Julian Hosp, CEO & Co-Founder of Cake DeFi
Dear valued team members, customers, partners and our community at large,
With the entire crypto market continuing its descent, you have seen that our competitors have started to lay off employees, freeze their hiring efforts and go as far as to rescind job offers. Some, in fact, have put a complete halt to their services and operations altogether.
Understandably, these unfortunate incidents might have shaken your trust in crypto and maybe even in Cake DeFi. As someone who has gone through (and overcome) similar situations, I’d be the first to say that I’m very familiar with this sentiment.
However, “fear, uncertainty and doubt” is not the reason why I’m reaching out to all of you today. It is the exact opposite. Frankly speaking, we do not share this sentiment at all.
It simply does not exist at Cake DeFi.
Today, I want to share our business expansion plans and the exciting job opportunities that we have prepared for those willing to join a fast-growing fintech company that is sure to outlast this crypto winter.
WE’RE INVESTING EVEN MORE ON OUR MAIN ASSET: PEOPLE!
At Cake, we see this crypto winter as the time to consolidate, recalibrate and build. We have hired more than 50 talents so far this year and we are looking to hire 70 more for the rest of the year. By the end of the year, we will have more than doubled the team size we had at the beginning of 2022. We want to keep innovating and delivering sophisticated DeFi products to our customers so our hiring focus will be on engineering, product and growth.
And to meet the needs of our fast-growing team, we will be leasing a larger space in our Singapore headquarters and creating talent hubs in other cities to attract the best talent available in the market.
ONLY WHEN THE TIDE GOES OUT DO YOU DISCOVER WHO'S BEEN SWIMMING NAKED
At this point, you’re probably asking “How is Cake DeFi able to increase its business expansion and hiring efforts while other crypto companies are doing the opposite?”
The answer is, actually, very simple: to withstand extreme weather, one must be in good health. Suffice to say, Cake DeFi is in the pink of health - particularly in our business operations and finances. Cake has a strong financial runway to sustain our growth even if this crypto winter lasts longer than a year.
.@cakedefi is still cashflow positive at these price levels. We can sustain our team's salaries, marketing and growth as of now without having to tap into our reserves that would last us for about 4 years at our current spend.— Dr. Julian Hosp (@julianhosp) June 14, 2022
As you are surely aware, we have actively been in the news since the beginning of the year and have publicly announced not only new partnerships, but also - and perhaps most importantly - new business ventures, milestones and plans for the rest of the year and beyond.
In fact, on our recent 3rd anniversary, we announced we had paid out over US$317 million in DeFi rewards to users of our platform. We also shared that our business continues to grow quarter on quarter at an average rate of 90% - making us, truly, Asia's fastest-growing DeFi platform.
This comes on top of an announcement that we made regarding the launch of Cake DeFi Ventures (CDV), our US$100 million corporate venture arm, in March. CDV will focus its investments across Web3, the metaverse, the NFT space, gaming, esports and fintech spaces - all of which are synergistic to the core business of Cake DeFi.
In terms of expansion, we have recently achieved a licensing milestone in the European Union (EU) which enables us to conduct business and provide services in Lithuania. We will, henceforth, be looking into other territories within and outside the EU.
As giving back to our community is also of huge importance to us, we have also committed US$1 million to support Environmental, Social and Governance (ESG) initiatives in Singapore.
Needless to say, expect more exciting initiatives and investments at all fronts in the coming months and years.
Employees from @BlockFi, @coinbase and @cryptocom who were let go in the past days: We would love to get you a safe home here at @cakedefi!! https://t.co/V0mnGpCIrf— Dr. Julian Hosp (@julianhosp) June 14, 2022
With that, we invite you - especially crypto professionals and experts who are directly affected by the impacts of the increasingly worsening “crypto winter” - to check out the jobs section of our website for amazing employment opportunities at Cake DeFi.
Thanks and see you all at the top!