Celsius Network Crypto Lending Firm Not Affected By Bear Market, Issues Over $630 Million USD In Six Months
The crypto bear market has made many victims so far. Companies like ConsenSys and Steemit had to fire many employees and some investors lost nearly all their investment as some tokens plummeted and are now valued at less than 10% of their original peak value.
However, some companies have used the conditions of the bear market to create a space for themselves and to become more profitable when others were in a huge crisis. Celsius Network, a loaning company based in London, is one of them.
This company was created when the price of cryptos was going down and, so far, it has loaned over $630 million USD, mostly in cryptos. The founder of the company, Alex Mashinsky, founded the company during the crisis six months ago. He is known as the inventor of the Voice Over Internet Protocol (VOIP), which lets people make phone calls using the internet.
After this success, he started the company and lended money to users for very low interest rates, creating a user base of 16,000 people in over 100 countries. More than 70,000 transactions have been done so far on the platform.
The main goal of the company is to get away from the “vicious” banking cycle. The company, unlike the most traditional banks that offer loans, works for the depositor and not the shareholder. This means that over 80% of the interest rates go back to the depositors. This way, the depositors receive interests every week.
According to the CEO of the loaning company, they are challenging the status quo by offering a different product that will benefit people more and offer a better products than the banks are doing.
Alex believes that the crypto bear market cannot stop the revolution and that, despite what people say, cryptos are, indeed, the future of world banking.
Celsius Network’s vision is certainly better than the banks’ one as the company is focused on helping the community to grow, not only growing alone in the market. This way, they hope that they can give new “banking options” for the people who do not trust banks anymore.
The creator credits the success of the company exactly to the fact that the company is so focused on the customer, as he believes that, if you do have the right solutions, people will go to your business in time.
Despite all the marketing, though, the Celsis Network indeed follows a very strict Know Your Customer (KYC), which means that the unbanked will not have a shot at the company, which is actually more focused on middle class individuals who love cryptos.
In any case, what cannot be disputed is the overall success of the company, which was able to grow and become a reference in the industry in only six months. If you can grow such a company during the winter days of the market, you can certainly do better when the market is booming, right?