GSTechnologies Limited (LON:GST) today announced the successful completion of the acquisition of the business and assets of Cake Pte Ltd and Cake DeFi UAB, including the Bake Cryptocurrency Platform.

GS Fintech UAB, a wholly owned subsidiary of GST, has paid the cash consideration, funded entirely from the company’s own resources.

The Bake Cryptocurrency platform, which includes the Bake.io web application and Bake mobile app, is a digital asset investment platform that offers users simple and direct access to the cryptocurrency market. With features such as staking, swaps, and on-ramp solutions into crypto, Bake provides innovative and user-friendly tools for investing in the cryptocurrency ecosystem.

CAKE currently has approximately 700,000 registered users, 100,000 funded users and 50,000 users holding approximately US$80 million of digital assets on the Bake platform as at 30 November 2024.

GST expects the integration of CAKE and the Bake Cryptocurrency platform into the digital asset arm of the Group, GS Fintech, to be completed on or before 31 March 2025.

Shayne Tan, COO of GST, and CEO of GS Fintech, will lead the Group’s digital asset strategy across Europe and Asia. He will be supported by GST’s CEO, Jack Bai, and in the integration by Dr. Julian Hosp, CEO of CAKE Group Pte Limited.