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Cake Group, parent company of crypto investment platform Bake.io, announces 30% layoffs

On November 14th, Singaporean crypto investment platform Bake's CEO Dr. Julian Hosp announced on his social media platform that the company will lay off about 50 employees and re-adjust the team size to around 120 members to achieve a sustainable "revenue balance" mode. Bake also stated that discussions about possible changes in the organizational leadership have been ongoing, but so far nothing has been confirmed or determined. Once confirmed, it will be communicated internally first and then publicly.
Hosp stated that he will continue to serve as the CEO of Cake Group. If there is a leadership transition in the company, business continuity will be given priority through handover and transition plans.

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