Cake Group slashes more jobs despite end of founders’ feud

CAKE Group, the parent firm of Singapore-based crypto platform Bake.io, is preparing for another round of layoffs and a company-wide structuring, according to sources who spoke to Tech in Asia.

While CEO Julian Hosp did not respond to Tech in Asia’s e-mails asking for confirmation, he acknowledged the job cuts in a YouTube video released today, saying that the decision was announced at a company town hall meeting on Aug 16.

“Look, it is what it is, and we are here to make the best out of the situation,” Hosp said. “While we have really done well, we do need to reduce our cost a little bit. There’s no way around this.”