industry-leading cryptocurrency platform Celsius Network has smoked past the $4 billion mark in loan origination, as well as $450 million in deposits and over $5 million in interest income for its depositors. These new numbers are key indicators of the company’s growth as the industries’ largest and fastest-growing crypto lending platform.
“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,” said Alex Mashinksy, CEO of Celsius Network. “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.”
Since launching in 2017, Celsius has rapidly achieved a number of industry milestones. Today Celsius reveals it has achieved:
- $4.25 billion of coin loans in today’s BTC prices since beginning its lending operations in July 2018, a 93% increase from $2.2 billion on 8/1/19
- $450 million in customer deposits and collateral from loans under management, a 50% increase from $300 million assets on 8/1/19
- $5 million in interest payments, an increase of 66% from $3 million on 8/1/19
Celsius now has over 50,000 members, including both retail and institutional depositors, from more than 150 countries. The lending platform counts over 150 institutions among its clients, which include some of the largest trading firms in the U.S. and HFT firms around the world. Celsius is still the only fully transparent organization with data about membership, deposits and loans available in real-time in the app to all users to the health of the Celsius community.
The Celsius Network is a blockchain-based interest income and lending platform accessible via a mobile app and is built on the belief that financial services should only do what is in the best interests of the depositor community. A modern platform Celsius is a product where membership provides access to curated financial services not available through traditional financial institutions and Crypto holders can earn interest by transferring their coins to their Celsius Wallet and borrow USD against their crypto collateral at interest rates as low as 4.95% APR.
The Founder and CEO Alex Mashinsky has over 35 patents and he has raised more than $1 billion and exited over $3 billion in his various startup ventures. Alex founded two of New York City’s top 10 venture-backed exits since 2000: one of his first companies, Arbinet, IPO’d in 2004 with a market capitalization of over $750 million; and another venture, Transit Wireless, was valued at $1.2 billion at the time of exit.
For additional information please visit www.celsius.network
Also published on Medium.