Bake, formally known as Cake DeFi, rolls out Travel Rule compliance with Notabene

April 5, NEW YORK, NY AND SINGAPORE - Bake, formally known as Cake DeFi, a leading fintech platform providing easy access to Decentralised Finance (DeFi) services and applications, announced today that it has integrated Notabene’s crypto pre-transaction decision-making platform for crypto regulatory compliance. By integrating Notabene's compliance platform, Bake will ensure a seamless rollout of Travel Rule compliance in line with global regulations, starting in Singapore. 

The Crypto Travel Rule mandates exchanges, digital wallet providers, and financial institutions that deal with virtual assets to disclose, collect, screen, and transmit customer data beyond a certain threshold. One of the reasons Bake has selected Notabene's holistic solution is to overcome key challenges posed by the Travel Rule for large companies in the cryptocurrency industry. This includes the need for a solution that can handle the varying jurisdictional implementations of the Travel Rule and connect to VASPs globally.

For instance, in Singapore, the Travel Rule applies to all holders of a payment service license under the Payment Services Act 2019. It requires Originator VASPs to transmit value originator and beneficiary customer information to the Beneficiary VASP, regardless of the value transfer amount. Further information is required if the SGD 1,500 threshold is exceeded. The United States Financial Crimes Enforcement Network has set the threshold at USD 3,000, while the European Banking Authority has a threshold at EUR 1,000. 

Notabene's platform helps customers navigate the complexities of transacting across borders with counterparties subject to different travel rule obligations, both in terms of thresholds and scope of required information. This is achieved by embedding jurisdictional rules in the platform. By using Notabene, Bake can manage all transactions in one dashboard with a unified set of rules that automate decision making prior to transactions being irrevocably processed by the blockchain. The platform also provides multi-entity support, allowing Bake to manage transaction flow to the correct entity based on the appropriate jurisdictional requirements.

“This partnership with Notabene will ensure that effective travel rule compliance measures are put in place, preparing us for the enhanced regulations that will soon come into force.” said Dr Julian Hosp, CEO and Co-Founder of Bake. “Security, transparency, and compliance, are core values that guide everything that we do at Bake. The successful integration of the Notabene platform underscores our commitment to deliver secure and practical solutions to our customers, while keeping up with worldwide regulations.”

“We are proud to partner with Bake in the effort to create a safer blockchain economy,” said Pelle Brændgaard, Co-Founder and CEO of Notabene. “Bake was looking for a trustworthy partner that facilitates due diligence, wallet identification, and automates transactions and we look forward to working with them in the shared mission of enabling safe and trusted crypto transactions.” 

Notabene provides tools, software, and comprehensive data to help crypto exchanges comply with the new requirements of FATF guidelines, including the Travel Rule, while simultaneously unlocking the flow of trillions of institutional dollars into the space. After successfully integrating Notabene's Travel Rule solution, Bake aims to provide the highest levels of data privacy while enabling participants to send the required Travel Rule data to the correct counterparty in a protected manner.

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About Bake

Bake is a fully transparent, highly innovative fintech platform dedicated to providing easy access to decentralized financial services and applications by enabling users to generate returns from their crypto and digital assets. Founded in 2019, Bake is headquartered in Singapore and subject to applicable local laws and regulations.

By enabling and empowering retail and institutional investors to harness the potential of DeFi, Bake aims to educate and inform people around the world on crypto and DeFi in a simple, easy-to-understand, and seamless manner.

For more information, please visit https://bake.io/.

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About Notabene

Notabene's platform helps financial institutions and crypto businesses unlock their full potential in the digital economy. With a focus on security, simplicity, and end-user experience, Notabene customers can automate real-time decision-making, perform counterparty sanctions screening, identify self-hosted wallets, and complete the smooth roll out of Travel Rule compliance, all in line with global regulations.

Notabene is fully SOC-2 security certified. Over 70 companies leverage our software to manage real-time regulatory and counterparty risk in virtual asset transactions, including Luno, Crypto.com and Bitstamp. Headquartered in New York, Notabene is a global company with presence in Switzerland, Singapore, and the United Kingdom. 

Get started today for free with SafeTransact-Rise and respond to regulated transactions for free using the world's largest VASP Network. ‍

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For media queries, please contact:

Bake

Elissa Young

Senior Public Relations Manager

(e) [email protected]

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Notabene

Sacha Lowenthal

Head of Marketing

(e) [email protected] 

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