From the RNS- Re- Cake group3 Jan 2025 14:20
CAKE currently has approximately 700,000 registered users, 100,000 funded users and 50,000 users holding approximately US$80 million of digital assets on the Bake platform as at 30 November 2024. The Acquisition positions GST to deliver a 24/7, transparent, and highly scalable ecosystem for digital assets, designed to be fully compliant with European regulations.
GST expects the integration of CAKE and the Bake Cryptocurrency platform into the digital asset arm of the Group, GS Fintech, to be completed on or before 31 March 2025. This integration will unify the strengths of GST and CAKE, leveraging GST's extensive client relationships and banking network to expand Bake's capabilities. By offering an enhanced suite of digital asset services tailored to both retail and corporate users, GST aims to strengthen its position as a leader in the digital asset market.
Shayne Tan, COO of GST, and CEO of GS Fintech, will lead the Group's digital asset strategy across Europe and Asia. He will be supported by GST's CEO, Jack Bai, and in the integration by Dr. Julian Hosp, CEO of CAKE Group Pte Limited ("CAKE Group"). Together, this leadership team will ensure the successful integration and growth of Bake within GST's broader operations