Celsius, a cryptocurrency lending and borrowing platform, today said it has surpassed over $5.3 billion in total cryptocurrency deposits less than three years after launching its mobile app.
This announcement comes on the heels of Celsius saying it has acquired more than 125,000 new clients, totaling over 340,000 active users worldwide, and was the first crypto platform to surpass $1 billion in total assets.
According to Celsius’ statement, the crypto app has paid more than $200 million in interest rewards to its community to date. In terms of bitcoin units, Celsius holds a massive quantity of around 55,000 BTC, worth nearly $2.0 billion.
Further, the company’s native CEL token has seen significant growth, traded in early January at a new all-time high of $6.1, and is also part of the Coinmarketcap’s top 40 list.
Celsius Offers Yields to Crypto Savers
Founded in 2017, Celsius Network offers a decentralized lending platform that allows customers of stablecoin issuers, exchanges and wallets to earn up to 10% interest on their crypto-shares. Additionally, Celsius allows Ethereum holders to earn a rate of up to 9.65%.
What Does 2021 Hold for the Markets? HYCM CEO SpeaksGo to article >>
Celsius had raised $50 million worth of crypto in May 2018 through an ICO and said earlier this year, it has topped 50,000 Bitcoin in deposits since its launch two years ago.
The startup lends the assets to miners, investment funds, retail investors, and other digital asset companies ‘on a guaranteed and collateralized basis’. It also allows clients to access several services, such as instant depositing digital assets in the Celsius wallet and using their cryptocurrencies as collateral to get fiat loans. 80% of returns from these entities are passed on to holders, the company says.
Interest is being accrued daily, compounded and paid by Celsius at weekly intervals, and users have the option to auto-renew for additional periods after their initial term expires.
Alex Mashinsky, CEO of Celsius, commented: “As we see record numbers of institutions and retail users entering the space, they are looking for a store of value and yield to protect their assets from the debasement of the US Dollar. The record number of new dollars being printed by the FED is making the savviest investors in the world allocate assets to Bitcoin. Our results represent the growing need of savers to diversification and the lack of trust and transparency between financial institutions and the community.”