Cake Wallet is a private company founded by Vic Sharma in October 2017. The company, based in Saint Kitts and Nevis with remote staff, focuses on making Bitcoin and other cryptocurrencies more user-friendly and private to use. The company’s main mission is to make cryptocurrency accessible to everyone, enabling people to easily send, receive, hold, swap, on-ramp, and off-ramp crypto like they would with Venmo or PayPal.
Privacy is another important aspect of the Cake Wallet mission, with Sharma being a strong advocate of transactional privacy. Sharma first began acquiring and mining Bitcoin in November 2013. However, by the mid-2010s, he wanted to do more with his Bitcoin than just hold it. Due to the limited adoption of Bitcoin by legitimate businesses and the high visibility of transactions on the Bitcoin network, Sharma decided to explore using Monero (XMR) on darknet marketplaces.
This experience led him to learn more about Monero and embrace the concept of transacting privately with cryptocurrency, which eventually led to the creation of Cake Wallet—a Monero-only wallet. Cake Wallet was launched in January 2018, and later added Bitcoin functionality in 2019. However, it wasn’t until September 2024 that Cake Wallet implemented Silent Payments, allowing users to receive Bitcoin payments without revealing their public Bitcoin address.
This feature is a game changer for the company, as it enables private transactions with Bitcoin while still being a user-friendly option for those who want to transact with privacy. Cake Wallet has faced some concerns about its privacy-enhancing features, with the U.S. federal government possibly cracking down on such services.
However, the company continues to stay true to its mission and focus on making Bitcoin both easy and private to use, without any outside investors dictating its direction.
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<p>The post Cake Wallet: Making Bitcoin Easy and Private for Everyone first appeared on CoinBuzzFeed.</p>
