Aug 1, 2019 19:34 UTC
Aug 1, 2019 at 19:34 UTC
Celsius Reports Resounding Success in Crypto Lending Services
The Celsius Network, a well-known platform for crypto lending and borrowing, has reportedly $300 million worth of coin deposits in the last twelve months. It has also completed a total of more than 2 billion dollars in coin loan origination. It has published a press release on the 1st of August detailing the same.
As the press release explains, Celsius was developed with a very definitive goal in mind:
“Celsius Network was founded to represent its depositor community and to provide financial inclusion with services such as its high interest-earning wallet and low APR loans available to crypto and stablecoin holders worldwide. With its motto “Unbank Yourself,” Celsius Network’s mission is to always act in the best interests of its depositor community and give back 80% of its income to its depositors; precisely what banks and exchanges fail to do.”
Since July of last year, when the platform kickstarted its lending operations, it has originated over 2.2 billion dollars worth of coin loans. It has also successfully exceeded 300 million dollars AUM in the form of both customer deposits and collaterals from loans under management. Overall, it has managed to complete more than 160,000 coin loans trades and has been responsible for the distribution of interest payments worth 3 million dollars.
The company has also explained that customers using its services can easily earn interest by transferring the coins they have to their Celsius wallets and borrow US dollars against their crypto holdings as the collateral. The release further elaborates:
“Celsius paid more in earned BTC and ETH than anyone returning up to 80% of its revenue to depositors, compared with Binance BNB returning 20% of profit as buyback and Nexo distributing 30% as a dividend.”
Clearly, as is evident from this development, the crypto-based lending system is becoming more and more relevant everyday and the users are becoming increasingly interested in such services, resulting in the volume of transactions going up.