GSTechnologies announced the completion of its acquisition of Cake Pte Ltd and Cake DeFi UAB, including the Bake Cryptocurrency Platform (Bake), on Thursday.
GSTechnologies Completes Acquisition of CAKE and the Bake Cryptocurrency Platform
The fintech-focused firm said the deal accelerates its digital asset strategy and “positions the company for future growth in the rapidly evolving digital asset ecosystem.”
Funded entirely through internal resources, the deal integrates Bake.io’s web application and mobile app into GST’s operations.
Bake, a retail-focused cryptocurrency investment platform, provides features such as staking, swaps, and on-ramp solutions, simplifying access to the digital asset market.
It has around 700,000 registered users, with $80 million in user-held digital assets.
The acquisition will be incorporated into GST’s digital asset subsidiary, GS Fintech UAB, with full integration expected by March 31, 2025.
“The Acquisition positions GST to deliver a 24/7, transparent, and highly scalable ecosystem for digital assets, designed to be fully compliant with European regulation,” said GSTechnologies.
GST’s COO, Shayne Tan, supported by CEO Jack Bai and Dr. Julian Hosp, former CEO of CAKE Group, will lead the integration process.
Dr. Hosp said the alignment of interests between GST and CAKE is a “win-win” for all stakeholders.
Chairman Tone Goh stated that the acquisition “marks a transformative milestone for GST,” reinforcing GST’s vision of becoming a leading fintech company and delivering long-term value to shareholders.
