In light of the ongoing transition phase following GST’s acquisition of Bake, we’ve opted to present this AMA in a written format to ensure we can address the community’s questions thoroughly, despite the busy schedules of everyone involved. Your enthusiasm and curiosity have been incredible, and we’re excited to share insights into the future of Bake and GST’s plans.
We’re proud to introduce Mr. Shayne Tan, who has answered the questions submitted by the community. Shayne brings a wealth of experience and passion for FinTech and blockchain technology. A graduate of Singapore Management University with a Bachelor of Business Management, Shayne has been a FinTech leader and advocate for distributed ledger technology since 2016.
With over five years of sales operations and management experience, particularly in growth-stage companies, Shayne began his career at Uber Technologies before pivoting to FinTech. At Wise MPay, he spearheaded the launch of the Coalculus Blockchain Platform, designed for digital banking, digital wallets, and cross-border payments. His forward-thinking approach and leadership are pivotal as GST and Bake navigate this exciting new chapter together.
Let’s dive into the questions and answers to see what the future holds!
General Plans and Vision
- What are GST’s plans for Bake over the next two years?
Building on GST’s reputation as a main-board listed company on the London Stock Exchange, GST is committed to maintaining the highest standards of transparency and accountability, which the team plan to bring to Bake to ensure long-term trust with our customers and stakeholders.
The vision for Bake includes expanding our product offerings, fostering strategic partnerships, and aligning with evolving regulations to deliver secure and innovative crypto solutions. With GST’s resources and expertise, we are confident in creating a stronger, future-ready platform that continues to serve our customers’ needs while setting new industry standards.
- Why did GST acquire Bake, and how do you plan to integrate Bake into your existing fintech ecosystem?
GST acquired Bake because its platform aligns perfectly with our long-term digital asset strategy and vision for fintech innovation. Bake brings a proven track record in providing accessible and secure crypto services, making it an ideal fit for GST’s broader ecosystem. This acquisition is a win-win, allowing both parties to leverage each other’s strengths for mutual growth.
Bake will serve as the fiat-to-crypto (and vice versa) liquidity layer for GST’s channel partners and the Group as a whole. By integrating Bake into our existing fintech ecosystem, we aim to enhance cross-platform synergies, streamline operations, and deliver even greater value to our users and stakeholders.
- Will Bake continue to focus on decentralized finance, or will it move toward a more traditional approach, like Revolut or CEXs?
Bake will continue to prioritize decentralized finance, offering more profitable and innovative DeFi investment opportunities in the near future. This focus ensures that our users can access cutting-edge solutions while benefiting from the core principles of decentralization.
Looking further ahead, we plan to transform Bake’s UX/UI to provide a more intuitive and familiar experience, catering to both retail and corporate users. By combining the flexibility of DeFi with a user-friendly design, we aim to bridge the gap between traditional and decentralized finance, making Bake accessible to a wider audience.
- What new product ideas or innovations can we expect from Bake in the near future?
In the near future, our main focus is to maintain operations at a high standard throughout the transition period, ensuring a seamless experience for our users. This includes upholding the quality and reliability that our customers have come to expect from Bake.
At the same time, we’re committed to enhancing our platform and app with innovative products and services. Stay tuned and follow us closely to see how Bake continues to grow and adapt, bringing you the next generation of crypto solutions.
DeFiChain and DFI
- What is GST’s position regarding DeFiChain and its native token DFI?
GST recognizes DeFiChain as a valuable ecosystem partner and continues to support the trading and staking of DFI on Bake. By staking DFI on Bake, our users can participate in DeFiChain voting cycles and engage in on-chain governance, giving them a direct voice in shaping the future of the DeFiChain ecosystem.
- Will GST continue to support DeFiChain’s ecosystem, including protocols and applications?
We are exploring ways to support DeFiChain’s ecosystem, including its protocols and applications. While we cannot overpromise, we will actively look into opportunities to contribute to the continued innovation and growth of DeFiChain and the broader crypto ecosystem.
- Are there plans to list dTokens and DUSD on Bake again?
There are no immediate plans to relist dTokens and DUSD on Bake, but it remains a possibility. The delisting was a result of the complex DeFiChain improvement proposal, known as the “dToken restart DFIP.” While technically not too complicated to relist, we are carefully evaluating the situation before making any decisions.
- Will GST contribute to the technical development of DeFiChain or collaborate on projects like re-pegging DUSD?
GST is not currently focused on contributing to the technical development of DeFiChain or collaborating on initiatives like re-pegging DUSD, but we are open to exploring such opportunities as they emerge, with a positive outlook for potential future collaboration.
- Does GST intend to develop its own stablecoin, and could it integrate with DeFiChain?
There are currently no plans for this, but GSTechnologies brings valuable experience in the stablecoin space. We will continue to explore opportunities and assess how any future initiatives could potentially integrate with DeFiChain.
- Would GST consider restarting bridging to DeFiChain, possibly with a fee structure for sustainability?
There are no immediate plans to restart bridging to DeFiChain, but it remains a possibility for the future. We will evaluate the potential, including the option of a sustainable fee structure.
Customer and Community Engagement
- How does GST plan to engage with Bake customers and the DeFiChain community moving forward?
GST plans to engage with Bake customers and the DeFiChain community through our official social media and support channels, ensuring open and transparent communication. We encourage everyone to connect with us, share their thoughts, and stay informed about the latest updates.
With most of the Bake team transitioning to the new management, you’ll continue to see familiar faces, providing consistency and a sense of continuity. We highly value your feedback, so don’t hesitate to reach out or join our Telegram communities to stay involved and help shape the future of Bake together.
- Will GST provide regular updates on Bake’s plans and collaborations, ensuring transparency with the community?
Absolutely. We are committed to keeping the community informed with regular updates on Bake’s plans and collaborations. With strong strategic partners supporting our growth, we’re excited to share the progress and keep everyone in the loop! Be sure to follow us on social media to stay updated as soon as there’s news.
- Are there plans to make Bake’s platform available in multiple languages, such as German?
Yes, we are considering adding multiple language support to Bake’s platform as the technical foundation is already in place. This would help us better serve a wider audience and provide a more accessible experience for users in different regions.
- How can the DeFiChain community and Bake customers support GST in achieving its goals?
The best way to support GST in achieving its goals is by engaging with our products, sharing your feedback, and letting us know what you’d like to see next. Be part of the journey! One of Bake’s core principles is customer obsession, and we truly care about delivering the best experience for you. Cheer us on, stick around, and look forward to all the exciting things to come!
- Are there plans for more AMAs, social media interactions, or open-house events to maintain strong customer relationships?
Yes, you can expect more AMAs and PR appearances from us to stay connected and maintain strong relationships with our community. We’re committed to keeping the conversation going and engaging with our customers in meaningful ways.
Operational and Financial Outlook
- Will customer funds remain separated from company funds, as Bake previously ensured?
100%. With GST’s extensive experience in running a regulated fintech business internationally, we understand the critical importance of maintaining the separation of customer and company funds. This commitment ensures trust and compliance as we continue to uphold the highest standards in managing customer assets.
- Will Bake services, such as staking, continue in their current form?
Of course! We’re excited to grow our staking portfolio and continue offering our services. What really sets us apart is our innovative tax-optimized staking model, which brings unique benefits to our users. Be sure to check it out!
- How will GST address regulatory restrictions that prevent some customers, such as those in the USA, from using Bake’s services?
Our focus is on expanding in Europe first, followed by a broader global rollout. One of our top priorities is ensuring that our services are passported across all EU member states, allowing us to address regulatory restrictions and expand access to more customers worldwide.
- What are GST’s plans for expanding Bake’s services to new markets or re-enabling features like PayNow or bank transfers in Singapore?
We’re currently in a business expansion phase, and as part of that, we plan to introduce new complementary services, such as TT transfers, local payment options, and additional licenses. These efforts will help us expand and re-enable features like PayNow and bank transfers in key markets.
- Will Bake support services like an ATM card, expanded on-/off-ramp solutions?
We’re actually working on expanding our on-/off-ramp solutions as we speak. The off-ramp, which allows users to sell their crypto and receive FIAT directly into their bank accounts, is already fully developed and currently in the final testing phase with our beta users. We’re excited to release it to our customers soon!
We hope this written AMA has provided you with valuable insights into the direction GST and Bake are taking as we move forward together. Your continued support and engagement mean the world to us, and we’re committed to keeping you informed and involved every step of the way. If you have more questions or feedback, don’t hesitate to reach out via our social media channels or community groups. Together, we’re building something truly special, and we’re excited for what’s to come!
