Cake Group’s Bake shuts down in Singapore after buyout

Cake Group co-founder Julian Hosp / Photo credit: Tech in Asia

Bake.io, a crypto investment product previously owned by embattled Singapore-based firm Cake Group, announced in an email to users on February 5 that it will cease services in the city-state starting May 1, 2025.

This comes after the platform was transferred to new management. Cake Group sold Bake to fintech-focused GSTechnologies Ltd. last month, according to a statement issued by the London Stock Exchange on January 2, 2025.

Details of the transaction are not known, but GSTechnologies’ financial figures offer a clue. It held only US$3.26 million in cash and digital assets in September 2024. In January, the company announced that it raised US$626,000.

Cake Group, whose main business was Bake, once claimed to hold US$1 billion in assets and logged US$631 million in revenue in 2021.

Even as it declined after the crypto bubble burst and the legal spat between its founders, Cake Group’s last filed financial numbers in 2023 still showed US$169 million in assets.

It’s unclear how much assets remained in Cake Group after it sold Bake.

What’s next?

Bake’s shutdown in Singapore appears to be a reversal of its earlier stance. In a December 2024 blog post, the platform said the app would be “uninterrupted” and its services would run “as usual.”

“The license exemption that Cake Pte. Ltd. had for the Bake Platform has now been discontinued,” the company explained in its announcement email. However, it will continue serving other regions.

Bake has set April 30, 2025, as the last day for users in Singapore to withdraw their digital assets.

The service also called for users in the country to process their funds before the deadline to avoid any additional administrative processes and potential handling fees.

Update: (February 6, 4:12 p.m. SGT): We’ve made it clearer that the withdrawal deadline is for Singapore users only.