Celsius Network to Offer Compounding Interest on CEL Deposits

Celsius Network, a crypto lending and borrowing platform, on Thursday, announced that it would offer compounding interest to its members holding CEL tokens at a rate of three percent per annum.

The official announcement detailed that US-based customers of the company will be automatically enrolled in the program while non-US customers will have the option to opt for the newly launched compounding interest program as Celsius already offers its non-US customers to earn up to 30 percent more interest income on non-CEL token deposits.

Commenting on the program, Alex Mashinksy, founder and chief executive of Celsius Network, said: “We want to make sure that everyone using Celsius is getting the full suite of benefits possible, but we also have to make sure that we are doing it in the right way. Our recent pause and reintroduction of the CEL token to US users shows our dedication to the community, and making sure they have a seamless experience...and hopefully a profitable one!”

Bringing borrowers and lenders together

Founded in 2017, Celsius Network offers a decentralized lending platform that allows customers of stablecoin issuers, exchanges, and wallets to earn up to ten percent interest on their crypto-shares.

In addition, it allows clients to access several services such as instance depositing digital assets in the Celsius wallet and using their Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term as collateral to get fiat loans.

The company also detailed that it will fund the interest on the CEL token deposits from its existing treasury which it maintains with the spread from the loans issued from the network. The company also revealed that it is aiming to give back 80 percent of its earnings back to the project’s community.

Earlier this month, Celsius partnered with Roger Ver’s Bitcoin.com to integrate his crypto Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, enabling its users to buy BCH, BTC, ETH, and other mutually supported cryptocurrencies.