Hodlers Continue to Accumulate Cryptos Despite the Slump: Celsius Network’s Founder

By Swati Kishore

Despite the ongoing slump in the prices cryptocurrencies since 2018, there still remains a percentage of cryptocurrency investors who are ‘hodling’ their digital assets.

These long term strategists are not disappointed by the so-called ‘crypto nuclear winter’ and are in it for the long run.

Investors who have stored their cryptocurrencies in the Celsius Network platform are reportedly bearing interest despite the slump in the crypto markets.

The New York-based Celsius Network is described as “A new way to earn, borrow, and pay on the blockchain,” as per its website. Celsius Network has incorporated a new business model that has a far-reaching impact.

As per reports, since the launch of Celsius Network’s mobile application in July of 2018, the Ethereum based, peer to peer cryptocurrency lending platform has so-far amassed USD 630 million in cryptocurrency loans to hedge funds and digital currency exchanges.

Celsius Network was founded by Alex Mashinsky in 2017.

Mashinsky holds several patents for the development of cutting edge technologies. He was also one of the early developers of the Voice over Internet Protocol (VOIP).

Mashinsky explained how investors are reaping profits on the Celsius Network despite the continued bloodbath. He said,

“Celsius continues to be the only mobile app in the world that offers interest income on 7 different digital assets. We have consistently paid out interest to all our depositors – for 26 weeks in a row – and saw record payouts in December as our community grew. We continue to add new users every day and see $500k-$1m worth of coin deposits daily. One of the most surprising trends we saw during 2018 was the resilience of our HODLer community; despite BTC and ETH losing half of their value during the second half of 2018 we saw 184 out of 191 days in which deposits outnumbered withdrawals. Like you, Celsius was in the market accumulating BTC and ETH almost every day as we collected interest on our loans and distributed that back to our members.”

It seems, despite the market looking bleak, ingenious investors who believe in the long term potential of cryptocurrencies are finding ways to reap benefits.