GSTechnologies Completes Acquisition of Cake Pte and Bake Cryptocurrency Platform

2 min read | January 02, 2025 02:32 AM EST | By Team Kalkine Media

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GSTechnologies Completes Acquisition of Cake Pte and Bake Cryptocurrency Platform — Image source: Shutterstock

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Highlights:

Successful Acquisition: GST has completed the acquisition of CAKE and the Bake Cryptocurrency Platform, strengthening its position in the digital asset market.

Bake Platform Features: Bake offers a retail-first digital asset investment platform, including staking, swaps, and on-ramp solutions, providing users with direct access to the cryptocurrency market.

Growing User Base: CAKE currently has around 700,000 registered users, including 100,000 funded users, and $80 million in digital assets on the Bake platform as of November 2024.

GSTechnologies Limited (LSE:GST), a fintech-focused company, has announced the successful completion of its acquisition of Cake Pte Ltd and Cake DeFi UAB (together "CAKE"), along with the Bake Cryptocurrency Platform ("Bake"). This acquisition marks a significant step in accelerating GST's digital asset strategy and sets the stage for future growth in the rapidly evolving cryptocurrency ecosystem.

The completion of the acquisition is a key milestone for GST, enabling the company to integrate the Bake Cryptocurrency Platform into its digital asset division, GS Fintech. The platform offers a user-friendly and innovative interface for cryptocurrency investment, with features such as staking, swaps, and seamless on-ramp solutions for crypto users.

As of November 2024, Bake had approximately 700,000 registered users, including 100,000 funded users and 50,000 users holding approximately US$80 million in digital assets. This acquisition positions GST to provide a scalable, transparent, and fully compliant digital asset ecosystem, meeting European regulatory standards.

The integration of CAKE and Bake into GS Fintech is expected to be completed by March 31, 2025. This integration will enhance the capabilities of the Bake platform by combining it with GST's extensive banking network and client relationships, allowing the company to offer an expanded suite of digital asset services tailored to both retail and corporate users.

Shayne Tan, COO of GST and CEO of GS Fintech, will spearhead the company's digital asset strategy across Europe and Asia, supported by GST's CEO Jack Bai and Dr. Julian Hosp, CEO of CAKE Group.

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