Celsius Network, a crypto lending, and borrowing platform partners with Bitfinex exchange to offer yield services to over 100,000 Bitfinex users. Celsius, which already offers its Ethereum holders a 9.65% interest rate and 6.2% for bitcoin users, would now offer its services to Bitfinex customers under the new collaboration.
The partnership would allow Bitfinex users to create a wallet with the Celsius Network and manage it without a need to switch between two platforms. This partnership would also allow Bitfinex users to withdraw their digital assets from the Celsius wallet at any given time without any additional fees for withdrawal or deposit.
The partnership would see interests being generated daily and later compounded for the next day, and the payout would be made by Celsius every week. The yield contract would also have the provision for auto-renewals for extending the custody beyond the set period or when the term expires.
Alex Mashinsky, CEO of Celsius Network, commented on their association with Celsius and believed that the partnership would help both the firms extend their services to a new set of users. He said,
“Our integration with Bitfinex extends the mission and focus of both companies to bring the next 100 million people into the crypto community and do it while we do good before we all do well.
Celsius’s commitment to reward our users with 80% of the value we create is now available to all Bitfinex customers.”
Celsius to Bring More Liquidity For Bitfinex
The partnership between Celsius and Bitfinex is expected to help the exchange to bring in more liquidity for both the platforms. This would be possible because of Celsius's lending policy, where the startup lends its digital assets to miners, investment funds, retail investors, and other digital asset companies ‘on a guaranteed and collateralized basis.’