The Celsius Network has announced a new token for its interest-earning cryptocurrency wallet. According to a recent press release sent out to the media, the company will list EOS, a prominent proof of stake crypto.
Starting today, EOS holders will be able to earn yield from holding EOS coins on a Celsius wallet. Staking, which is a way to use cryptocurrencies that you hold to secure a network and earn profits from that, is somewhat complex, so a lot of people without the necessary knowledge face a difficult time while trying to participate.
With the help of the Celsius wallet, these people can deposit their EOS and stake it for a reward. Also, the holders will be able to borrow money (both stablecoins or fiat currency) against the EOS that they hold. Fees will be as low as 3.45%.
The CEO of Block.One, Brendan Blumer, has affirmed that the EOS ecosystem is proud to receive support from the Celsius Network. According to him, retail deposit solutions such as this one are very important for the growth of the network.
Celsius uses the solution provided by BitGo to store its over $350 million USD worth of crypto assets. At the moment, the company has 50,000 active users using its wallet solution. One of the main selling points of the product is that it lets the holders get a return on investment of up to 10% by lending the money they have, which means they can get a passive interest over time.
Alex Mashinsky, the CEO of the Celsius Network said,
“We're doing our part to help decentralization scale by adding hundreds of millions of new users to the digital asset community, by offering innovative, customer-centric financial services, including borrowing and lending. When it comes to proof-of-stake, many cryptocurrency holders might not have the time or expertise required to stake, which would leave them missing out on potential rewards. We're changing that with a secure and user friendly solution.”