Exactly one year ago, in December 2023, our company faced a severe challenge when our co-founder, Mr. U-Zyn Chua, unexpectedly filed a winding-up application, stymieing ongoing buyout negotiations. Despite its dismissal by the Singapore Courts in the later parts of Q2, 2024, this legal maneuver inflicted significant uncertainty and damage on our operations and brand. Our leadership team, under CEO and co-founder Dr. Julian Hosp, launched a decisive 90-day game plan in Q3 of 2024 in an effort to improve matters. We focused on strengthening internal processes, rebuilding trust, stabilizing financials, resulting in returning the company from loss making to near cashflow neutrality, ready for a potential crypto bull market.
On December 11, 2024, Bake is proud to announce an exciting step in its business venture: GSTechnologies Ltd has acquired our business and the acquisition is expected to be completed on 2nd January 2025. GSTechnologies is a global fintech company listed on the Main Market of the London Stock Exchange under the ticker, GST. The group operates three core businesses across blockchain payments and financial services, forex, as well as cryptoasset exchange. The group has existing operations in the United Kingdom, Canada, Lithuania, Singapore, and Australia.
Bake perfectly complements GSTechnologies’ existing ecosystem by adding a proven platform for digital currency cashflow services, seamlessly integrating into GSTechnologies’ broader vision for secure, scalable, and future-oriented digital finance. Building on the solid foundation our customers value, GSTechnologies brings a strong vision, a long-term perspective and robust leadership to secure a prosperous future for both the business as well as our customers. With their expertise and commitment, our customers will benefit from the stability, ongoing improvements to existing products and innovative services, especially in combination with the comprehensive suite of GST’s existing offerings.
What does this mean for you as a customer? Foremost, we want to thank you for having been with us on this entire journey, with its ups and downs so far. With this transition to new ownership, we are excited to state that your most valued key points remain unchanged —services as usual, funds remaining safe, and our familiar platform at bake.io and the existing app continuing uninterrupted. The majority of our team will transition to join GSTechnologies, ensuring that you will keep working with people you already know and who understand your needs. Rest assured, your digital assets are 100% secure, and you will still enjoy the easy, transparent access to digital currency cashflow opportunities that brought you here in the first place.
We’re also pleased to confirm that Dr. Julian Hosp as well as the other members of the executive leadership team will remain onboard throughout the transition, offering guidance and maintaining continuity. Dr. Julian Hosp has announced that after the transition period, he plans to spend more time with his family. With GSTechnologies at the helm, backed by fresh capital and operational excellence, we’re confident that you—our valued customers—will reap the benefits of this new chapter.
This is more than just an acquisition. It’s an incredible opportunity to move forward from the past year’s challenges and deliver on the promise we made when we first launched: to bring accessible, transparent, and attractive digital asset services to everyone.
Stay tuned for more updates and get ready for an even more exciting journey ahead. The future is bright.
Your Bake Team.
PS.: The team has created a dedicated FAQ section regarding this transition.
