- The Celsius Network was founded in 2017.
- The network already has 50,000 members, including depositors from retail and institutional sectors.
The Celsius Network is known for its consistently positive performance as a cryptocurrency platform, launching back in 2017. Now, according to new reports with PR Newswire, the platform is drawing attention for the recent passing of the $4.25 billion levels in loan origination in the crypto industry. They have also recorded $450 million in deposits and over $5 million in interest income.
Celsius has already reached many milestones, including their loan origination. Other milestones that the company has met, according to the press release, include:
- $4.25 billion of coin loans (based on current BTC prices), previously reaching $2.2 billion on August 1st
- $450 million in customer deposits and collateral from loans under management, previously reaching $300 million in assets on August 1st
- $5 million in interest payments, previously reaching $3 million on August 1st
Alex Mashinksy, the CEO of the Celsius Network, stated,
“Celsius Network's industry-leading deposit rates are attracting a wide variety of customers, from ordinary consumers who are sick and tired of low-savings bank accounts to sophisticated institutions that want to profitably deploy their crypto holdings. Celsius gives back 80% of loan interest to our depositors with no minimums, caps, fees or penalties — our incredible growth shows there is high demand for lending platforms that put the needs of depositors first.”
In April, reports from Bloomberg revealed that more people had begun to use cryptocurrencies as collateral in their efforts to secure loans. However, the lack of oversight in the crypto industry has created quite a plethora of issues in interest for these crypto loans, allowing bad actors to play a role.
The network now spans across over 150 countries, securing 50,000 retail and institutional depositors in the process. Some of the largest trading firms in the world are already involved with Celsius, though it remains the only fully transparent organization that maintains data on loans, deposits, and membership.
Consumers can learn more about the Celsius Network at celsius.network.
