Cake Wallet was founded in 2018 as a privacy-first crypto application. The product started as an iOS-only, Monero-only side project built around Monero, a blockchain network designed for complete transaction anonymity. At launch, the ecosystem lacked supporting infrastructure despite growing demand. Cake Wallet addressed a clear market gap: simple access to privacy-focused assets. Once that need was solved, growth began to accelerate.
As Cake Wallet’s user base grew, supporting only Monero no longer matched real user behavior. Users increasingly transacted across multiple cryptocurrencies, yet the wallet did not support direct movement between them. While storage was available, actual asset execution remained limited. At the same time, a lean team and modest marketing reach constrained broader adoption, while rising demand for Monero liquidity began to put pressure on the wallet’s execution layer.
All product decisions were driven by direct user feedback. By design, Cake Wallet did not use analytics, so changes reflected explicit user requests rather than inferred behavior. This created one of the company’s core product challenges: finding ways to hear the community without collecting behavioral data. Access to customer data remained intentionally limited, reinforcing a product philosophy where user privacy outweighed internal visibility. Privacy remained the priority throughout the expansion. The product added new features while staying true to its original design architecture.
At this stage, Cake Wallet needed to remove a key limitation in the user flow: the inability to move between cryptocurrencies inside the product. The goal was to expand asset support to match users’ evolving transaction patterns while keeping all interactions within a single wallet interface.
Volume and revenue were important, but user experience remained the primary focus. Even when demand is present, transaction-level friction directly affects whether users return to the product. The issue was not just limited asset support, but the absence of a consistent experience across assets. Users could hold multiple cryptocurrencies, but they could not act on them within a single environment. This gap was a limitation in users’ experience with the product. At the time, a truly frictionless way to move assets within a self-custodial wallet did not seem achievable in practice.
The challenge extended beyond adding more tokens. It required rethinking the transaction’s critical moment. Each additional swap introduced friction: extra steps slowed users, and unclear execution reduced confidence. In a self-custodial environment, that hesitation directly impacts retention. The priority was native multi-asset support within a single flow. Users switch between coins without exiting the interface or interrupting the session.
Success was measured by user behavior after launch. The team monitored whether users completed transactions smoothly and continued to use the feature regularly. While volume and revenue indicated demand, they did not confirm the quality of the user experience under real conditions.
ChangeNOW’s API powers the native interface. Swaps act as a built-in component of the product. The functionality acts as a native core component within the system architecture. This approach reduced operational overhead, as the solution required minimal ongoing maintenance from the wallet team. Importantly, this did not introduce meaningful trade-offs on the product side. The integration delivered execution quality and reliability without adding complexity or creating new operational constraints.
In the absence of analytics, swap activity became one of the few available signals of user behavior. It generates limited but valuable insight into how users interacted with different asset pairs and where demand was concentrated.
Implementation also revealed specific challenges, most notably Monero liquidity, which refers to the availability of Monero for transactions. This remained the primary limitation observed during early usage, although it improved as the infrastructure scaled. Despite this constraint, from the moment the integration went live, it operated as a natural extension of the wallet, aligning with user expectations immediately.
The integration shifted the wallet from a storage tool to an active execution environment. Transactions now happen without interrupting the user path.
The exchange step was the primary friction point. Previously, users left the app to find liquidity, compare rates, and manage transfers manually. This complexity caused the most significant drop-offs. Integrating swaps directly into the interface removed these barriers. Users now move from holding assets to executing trades within a single session.
This change directly impacted behavior. Transaction completion rates increased because users no longer needed to exit the product to finish swaps elsewhere. The wallet now functions as an activity hub. This model replaces the previous focus on static storage.
Repeat usage grew as the core flow aligned with real-world crypto behavior. The product supports the constant movement between assets that defines modern crypto usage. It handles both long-term holding and active trading in one environment.
The partnership impacted user sentiment and reliability while driving measurable growth. At the time of integration, Cake Wallet had approximately 15,000 downloads. Since then, the product has scaled to over 1.75 million users, supported by consistent growth over time. Today, the platform averages around 300,000 monthly active users, with retention rates exceeding industry benchmarks.
After years of testing various providers, the integration demonstrated its value at scale.
“After years of trying every swap provider out there, we can definitively say this: ChangeNOW has been incredibly reliable, consistent, and a favorite of our over one million users from the day we integrated. Simply top notch in every way.”
The role of ChangeNOW extended beyond execution quality. It became a core infrastructure partner that scaled alongside the product, supporting its growth from early traction to a multi-million user base. The ability to rely on a partner capable of handling increasing demand without adding operational overhead was a key factor in sustaining that trajectory.
To help early-stage wallets build similar momentum, the Free Fast-Track Program by ChangeNOW removes the need for custom infrastructure. The package drives API access and initial distribution via media placements reaching 300,000+ people and a presence at Tier-1 industry conferences with 15,000+ attendees.
Discover how in-wallet swaps can expand your product without increasing operational complexity. Integrate ChangeNOW to power a multi-asset exchange directly within your wallet while maintaining full control over the user experience.
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