Bake/GS2026 May 2025 20:12
And Bake io integration done
The integration of the Bake cryptocurrency platform into GSTechnologies' GS20 Exchange, following the acquisition of CAKE (Cake Pte Ltd and Cake DeFi UAB) announced on December 11, 2024, has resulted in several key developments:
Completed Integration: By March 27, 2025, GSTechnologies successfully integrated Bake into its digital asset arm, GS Fintech UAB, aligning with the company's timeline and expectations. This integration consolidated backend systems between Bake and the GS20 Exchange, enhancing operational efficiency.
Enhanced Technology Stack: The acquisition has improved the GS20 Exchange's technology infrastructure, enabling seamless clearing and settlement of cross-border cryptoasset trades and related fiat currency payments. This upgrade supports a more robust platform for both retail and institutional clients.
Expanded User Base: Bake brought approximately 700,000 registered users, 100,000 funded users, and 50,000 active users holding around $80 million in digital assets (as of November 30, 2024) to the GS20 Exchange. This significantly boosted the exchange's user base, particularly in the DACH region (Germany, Austria, Switzerland).
Service Expansion: GSTechnologies is actively developing new product features for Bake to expand its offerings for both retail and institutional clients. These developments aim to enhance user experience and provide a more comprehensive suite of services, leveraging Bake’s established market presence.
Operational Continuity: The integration included the transition of key CAKE personnel, including the majority of Bake’s Singapore-based team, to GSTechnologies, ensuring continuity in operations. The executive leadership team, including Dr. Julian Hosp, remained during the transition, with Hosp planning to step back post-transition to focus on personal matters.
Revenue Growth Potential: The acquisition is expected to drive substantial revenue growth for GSTechnologies by leveraging Bake’s historical financial performance and market presence, particularly in Europe. The combined capabilities of GS20 Exchange and Bake are anticipated to create long-term value for shareholders.
Regulatory Advancements: GSTechnologies has appointed Response Legal to assist in securing a Markets in Crypto-Assets (MiCA) license, with expectations of a positive outcome in the second half of 2025. This move strengthens GS20 Exchange’s position in the European digital asset market.
Uninterrupted Services: Bake’s platform, including bake.io and its mobile app, continues to operate without interruption, ensuring that users’ digital assets remain secure and accessible for services like staking, lending, liquidity mining, and borrowing.
The integration aligns with GSTechnologies’ strategy to build a borderless neobanking platform, enhancing the GS20 Exchange’s capabilities and positioning it to capitalize on the anticipated growth of the cryptocurrency sector in 202