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Celsius Network Crosses $1 Billion In Total Cryptocurrency Deposits

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.

If you did not have enough from @CelsiusNetwork well… here is the cherry on top of the cake $1B in deposits and zero hacks. — Alex Mashinsky (@Mashinsky) June 4, 2020

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.

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

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