Cake DeFi partners with FaceIt to offer crypto prizes for gamers

Fintech platform Cake DeFi is partnering with competitive gaming platform FaceIt to offer gamers a chance at winning cryptocurrency by competing in esports.

Cake DeFi co-founders Julian Hosp (left) and U-Zyn Chua / Photo credit: Cake DeFi

In 2022, Cake DeFi will be putting up more than half a million dollars in prizes to be paid in crypto.

FaceIt users will need to participate in weekly tournaments, monthly challenges, and in-game tasks to earn rewards. They will also need to register for a Cake DeFi account to redeem the prizes they earn.

The partnership follows a survey by FaceIt that found its users already were pro-crypto, with 36% investing in digital currency. This mirrors another study which learned that 55% of millennial gamers owned crypto versus 5% of millennials in general.

FaceIt co-founder Michele Attisani said the collaboration was more than brand integration and that the tie-up offered its community clear experiential and financial benefits. In 2021, the game platform, with a user base of 25 million, paid out US$230 million in rewards.

Likewise, Cake DeFi also paid out US$230 million, which was invested in its lending, staking, and liquidity mining services. It is aiming to increase this amount to US$400 million in 2022.

In April, Cake DeFi launched its new service, Borrow, which enables customers to avail of loans in DefiDollars using cryptocurrency as collateral.

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