“Bake leaves Singapore – Former company of Julian Hosp known through DeFiChain”

Bake Leaves Singapore: Ex-Company of Julian Hosp Announced by DeFiChain

Bake is shutting down its offices in Singapore and the British Virgin Islands. The company announced that, due to the regulatory environment, it will discontinue its operations in these regions.

Philipp Kallerhoff, CEO of Bake, notes that it was a hard decision to close up shop in Singapore, home to the company’s headquarters for the last few years. However, in consultation with advisors, the decision was deemed necessary because the regulatory challenges in Singapore were too great.

With Bake’s departure, a chapter in the crypto history of Singapore is closing, especially since its founder Julian Hosp was significantly involved in the appearance of DeFiChain. Hosp left Bake in early 2021 to focus his endeavors entirely on DeFiChain.

Bake was founded in 2019 and specialized in enabling retail investors to earn returns from staking and liquidity mining with cryptocurrencies. Customers were recently notified that they have until the end of October to withdraw their funds from Bake if they have not done so already.

Details about alternative locations for Bake operations have not yet been disclosed. In the announcement, Bake thanked Singapore for the experiences and opportunities but emphasized that in today’s rapidly changing world, it is important to also react decisively.

DeFiChain recently announced a strategic realignment and focuses more on the DeFi business in the future. Further cooperation between the two companies, in which Hosp is still involved, is not excluded.