Celsius Network Reports Over $4 Billion in Cryptocurrency Loans

Celsius Network celebrates crypto loans

Celsius Network, a prominent global digital currency platform, has announced in a press release that it has reached a $4.2 billion mark for cryptocurrency loan organization, a $450 million figure for deposits and more than $5 million in interest income for the company’s depositors.

The numbers disclosed were announced on November 12th, showing the company’s growth and one of the largest and fastest growth rate of a digital currency lending platform. This announcement is even more remarkable when considering that just in August the company celebrated $2 billion in digital coin loans with more than $300 million in digital coin deposits

Celsius Network was launched in 2017, since which it has quickly achieved multiple industry milestones. The details of the numbers announced are that the company was able to achieve virtual coin loans accumulating to over $4.45 billion with the current Bitcoin price, marked from the start of its lending operations last year in July. It has increased by 93% from 8/1/19 when it was at $2.2 billion.

It was able to achieve $450 million in customer deposits, including security from loans under the company’s management. Since August, when it was at $300 million, it has increased by 50%. The company further reported a $5 million mark in interest payments, which is a 66% increase since August, when it was at $3 million.

The CEO of Celsius Network, Alex Mashinsky, stated that the company’s remarkable deposit rates have become an attraction for variety of customers, ranging from regular consumers who are fed up with low savings accounts to more structured institutions who are looking to profit off their cryptocurrency.

He further stated that the company returns 80% of loan interest to the people who deposit without minimum value, caps, extra fees or any penalties; the growth rate shows that lending platforms that value their depositors are in high demand.

50,000 Members and 150 Institutions in the Crypto Loan Platform

Currently, Celsius has more than 50,000 members, ranging from retail to institutional depositors, spanning across the globe to over 150 countries. The platform has shared that there are 150 institutions among its list of clienteles, including some of the prominent trading companies in the country.

Celsius Network proclaims to be one of the only completely transparent organizations with information regarding memberships, loans and deposits available for access in live app for the consumers of Celsius community.

The company aims to address the financial needs of modern consumers across the globe through interest income and lending platforms based on blockchain and accessible through mobile application. It is built on the belief that finance services should look towards benefiting the depositor.

People with cryptocurrency can earn by transferring their digital coins to Celsius Wallet and borrow US dollar for their crypto funds in order to accumulate interest rates.

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