Bake.io to Cease Operations in Singapore by May 2025

According to Odaily, Singapore-based crypto investment firm Cake Group has announced via email that its product, Bake.io, will cease operations in Singapore starting May 1, 2025. This decision follows the platform's transition to new management. A statement from the London Stock Exchange on January 2, 2025, revealed that Cake Group sold Bake to GSTechnologies Ltd., a company focused on fintech, last month. Details of the transaction remain undisclosed. Financial records from GSTechnologies indicate that as of September 2024, the company held only $3.26 million in cash and digital assets. In January of this year, GSTechnologies announced it had raised $626,000. Previously, Cake Group, whose primary business was Bake, claimed to hold $1 billion in assets, with a revenue of $631 million in 2021. The latest financial data submitted by Cake Group in 2023 showed assets totaling $169 million. It remains unclear how much of these assets Cake Group retains following the sale of Bake.