- Telecommunications Giant Vodafone Leaves the Libra Association
- Group of Central Banks Assesses Developing Central Bank Digital Currencies
- South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits
- Report: Terrorists Increasingly Use Crypto to Raise Funds Anonymously
- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
Celsius Network has become the largest crypto-lending company as it completed over $2 billion in digital coin loans with more than $300 million in digital coin deposits in its first year of operation, the company announced.
Celsius Network is an industry-leading crypto platform that allows users to get a loan against their crypto holdings. Apart from that users can also earn interest on their crypto deposits as the company shares up to 80% of its revenues with the Celsius community in the form of weekly interest payments.
The company let the users earn up to 10% interest on their cryptocurrency deposit. With this business model of paying the interest out, Celsius has paid out over $3 million in interest income to its 40,000 active members in its first 12 months, considering the interest rate up to 10.53%.
These numbers prove that Celsius has been growing significantly in the very first year since its official launch and its unparalleled growth has put the firm on leading place making it the fastest-growing lending platform in the industry. When compared to its competitors, Celsius has paid out more interest in form of Bitcoin(BTC)trade and Ethereum (ETH)trade to its users than all other crypto lending platforms put together.
Celsius Network was founded with the purpose to represent its community of crypto depositors and to address the financial needs of today’s consumers globally. The company is aiming to address the financial issues with their high interest-earning wallet and low annual percentage rate (APR) loans available to cryptocurrency and stablecoin holders worldwide which in result will create decentralized interest income.
With its motto “Unbank Yourself,” Celsius Network grants access to financial services which are otherwise not available through traditional financial institutions. Giving 80% of its income to its users is something keeping the firm ahead of all banks and crypto exchanges, which have failed to offer similar conditions. Here are some of the milestones achieved by Celsius Network:
- Since the beginning of July 2018 (in just 12 months) Celsius has $2B in digital asset loans
- The company is holding $300 million in AUM, a greater number than all of its competitors
- The company boast 40,000 members and 30K active wallets from over 150 countries
- Celsius has paid out more than $3 million in interest in the form of BTC and ETH
- Celsius is the only firm returning up to 80% of its revenue to depositors compared to its competitor.
With Celsius, crypto holders can earn interest by transferring their holdings into Celsius wallet and can also borrow USD against their crypto collateral at interest rates as low as 4.95% APR.
While Celsius Network continues to mark record-breaking progress, it is not less vital to note that such financial services prove how much more integrated and intermingled the conventional financial market and the crypto market have become.