Photo: Dr. Julian Hosp
Dr. Julian Hosp, founder of the crypto platform Bake, has announced the sale of his company to the British GSTechnologies (GST). This decision marks a turning point in Bake’s history and opens up new perspectives for customers and employees. But what is behind this step – and what controversies accompany it?
What’s behind the sale?
In December 2023, Bake was plunged into crisis due to a dispute between the founders, which resulted in an unexpected request for dissolution by co-founder U-Zyn Chua. Although the application was dismissed in court in the second quarter of 2024, it left a significant mark. Under the leadership of CEO Dr. Julian Hosp developed Bake a 90-day recovery program that was implemented in the third quarter of 2024. This program stabilized finances and strengthened internal processes, putting Bake back on the road to success, according to the Press release regarding the takeover of Bake.
Today, December 11th, I sold Bake.
This step was incredibly difficult for me, but it is absolutely the best thing for Bake, the employees, the customers and the community. Many great new opportunities are available with the buyer GST, which is publicly listed on the London…
—Dr. Julian Hosp (@julianhosp) December 11, 2024
GST, a London Stock Exchange-listed company and new owner, sees Bake as a valuable addition to its existing ecosystem, which includes payment services, forex trading and financial solutions.
GST emphasizes the strategic importance of the acquisition: “Bake fits perfectly into our vision of building a comprehensive digital financial network.”
The Crypto-Services of the platform, including on- and off-ramping and exchange functions, are seen as key areas for further growth. The acquisition will preserve Bake’s brand and features, and GST plans to attract both existing customers and new users through cross-selling and expanded offerings.
Controversies surrounding Dr. Julian Hosp
Hosp, who has been a colorful figure in the crypto scene for years, does not remain undisputed. Critics accuse him, among other things, of non-transparent business decisions and his role in connection with the decline in the price of the DeFi chain token (DFI). His previous association with a multi-level marketing company has also earned him a reputation as a controversial entrepreneur. In his statement Hosp denied the allegations and blamed the business partner in question for many of Bake’s difficulties. Nevertheless, skepticism remains in the crypto community.
Future prospects for Bake
With the acquisition by GST, Bake expects a promising future. The platform is intended to benefit from GST’s expertise and resources to provide an expanded offering for customers. New products and services resulting from integration into the GST network could strengthen Bake in the long term.
Hosp itself plans to withdraw from operational business for the time being, but wants to remain active in the crypto world as an investor and content creator. For Bake users, it remains to be seen how the platform will develop under new leadership – but the acquisition suggests a stable and future-oriented direction. Follow all further developments in our News.
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