Celsius Network Crosses $1 Billion In Total Cryptocurrency Deposits
Celsius Network Crosses $1 Billion In Total Cryptocurrency Deposits
June 5, 2020
Celsius Network Crosses $1 Billion In Total Cryptocurrency Deposits
Celsius Network Crosses $1 Billion In Total Cryptocurrency Deposits
June 5, 2020

Decentralized lending and borrowing platform Celsius Network has crossed $1 billion in total cryptocurrency deposits since its launch in 2018.

Celsius claims that it returns 80% of its total revenue to its users and has so far paid its cryptocurrency holders $17 million in interest rewards, $12 million of which was in BTC and $3 million in its native CEL token.

Celsius CEO Alex Mashinsky claimed that their platform was the first major cryptocurrency lending platform that has turned profitable.

Celsius is working to unbank people and purportedly provide them a better alternative- cryptocurrency.

Mashinsky said:

“We look forward to the day when billions of people leave the antiquated traditional banks behind and choose to unbank with Celsius. We proved we can bring the power back to the people.”

Mashinsky noted that the app was for individuals who were turned away from traditional finance “due to race, gender, credit score or job status” to earn more than they could otherwise through more accepted means.

ALSO READ :  Bitcoin Hits $12,865 During Trading On October 21 As PayPal Supports Cryptocurrency To Boost Markets

Last month, Celsius revealed last month that it was adding support for tokenized gold. The platform will also be adding other tokenized commodities in the future.


Source: Cointelegraph | Image: Pexels

Disclaimer

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

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.
Share This

Share This

Share this post with your friends!