Cake Group’s Bake to stop providing services in Singapore from May

Odaily Planet Daily News Bake.io, a product of Singapore's crypto investment institution Cake Group, announced in an email to users that it will stop providing services in Singapore from May 1, 2025. Previously, the platform was handed over to new management. According to a statement released by the London Stock Exchange on January 2, 2025, Cake Group sold Bake to GSTechnologies Ltd., a fintech-focused company, last month. The details of the transaction are unclear. GSTechnologies' financial data showed that as of September 2024, the company held only $3.26 million in cash and digital assets. In January this year, the company announced that it had raised $626,000. Cake Group, whose main business is Bake, once claimed to hold $1 billion in assets and revenue of $631 million in 2021. The latest financial data submitted by Cake Group in 2023 showed that its assets were $169 million. It is not clear how much assets Cake Group has left after selling Bake. (TechinAsia)