Celsius Network, the crypto lending platform, has announced that its holdings had grown more than 1,900% in less than a year, from $1 billion in June 2020 to $20.3 billion as of August 13.
It has been reported that the company conducted an internal audit using technology provided by analytics firm Chainalysis, also determining it was adding around $1 billion in new digital assets monthly.
However, Alex Mashinsky, the CEO of Celsius Network, said that the platform’s growth could be attributed to its “low-cost lending and the high-interest yield on 43 cryptocurrencies” as well as its community-centric model. The Celsius website shows the platform currently has more than 962,000 users, or around 1% of its goal “to bring the next 100 million people into crypto.”
The report said that in March, research from Alpha Sigma Capital, also an investor in Celsius, suggested that the platform would reach $30 billion in assets under management by the end of 2025.
Thus, Celsius has paid out $468 million in crypto rewards to depositors in the last year though the decentralized finance (DeFi) space has been disrupted with its largest-ever attack through an exploit in the Poly Network this month.