Celsius Announces It Holds More Than $2.2 Billion In Digital Assets Under Management
Celsius Announces It Holds More Than $2.2 Billion In Digital Assets Under Management
November 11, 2020
Celsius Announces It Holds More Than $2.2 Billion In Digital Assets Under Management
Celsius Announces It Holds More Than $2.2 Billion In Digital Assets Under Management
November 11, 2020

Celsius, the crypto lending and borrowing platform, has announced that it holds more than $2.2 billion in digital assets under management.

It has been reported that Celsius has more than doubled its net crypto holdings six months after first surpassing $1 billion in June.

However, the platform has attracted more than 215,000 total users worldwide in total. Excluding its AUM, Celsius’ balance sheet now includes cash and its native CEL tokens, worth more than $680 million.

The report said that Celsius offers a centralized alternative to decentralized finance, named “CeFi” by much of the crypto community, as crypto assets deposited on the platform are lent to exchanges and market markers, with 80% of the interest generated being distributed to depositors.

Celsius claims to have paid more than $80 million in rewards to depositors since launching in July 2018.

ALSO READ :  Huobi Group Plans To Return To The US With A New License Secured From Local Regulators

Alex Mashinsky, the CEO and founder of Celsius, described his company’s success as proving that “interest income is the new killer app for crypto.”

He added:

“We have created more income for our customers than anyone else in DeFi or CeFi, and we have no plans on slowing down any time soon.”

Likewise, Mashinsky made headlines after gifting his wife 15 million CEL tokens worth $20 million for her birthday last month. He remains the single-largest CEL holder despite the vigorous present, while his wife is now CEL’s fourth-largest holder. 

Thus, in August, Celsius raised $20 million from around 1,000 investors in an equity raise hosted by crypto platform BnkToTheFuture, drawing speculation regarding the company’s solvency.

Source: Cointelegraph


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

AXA To Offer Its Customers Pay With Bitcoin

AXA To Offer Its Customers Pay With Bitcoin

AXA, Europe’s second-largest insurance firm, has planned to offer its customers the option to pay their bills with Bitcoin (BTC) through a collaboration with the established cryptocurrency broker Bitcoin Suisse. It has...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.