Crypto Lender Celsius Surpasses $2.2 Billion in Cryptocurrency AUM

Celsius, a cryptocurrency lending and borrowing platform, today said it has surpassed over $2.2 billion in total cryptocurrency deposits less than three years after launching its mobile app.

This announcement comes on the heels of Celsius saying earlier this year it has acquired more than 200,000 active users worldwide and became the first crypto platform to surpass $1 billion in total assets.

According to Celsius’ statement, the crypto app has paid more than $80 million in interest rewards to its community to date. Excluding assets held under management, the New York-based lending startup said its balance sheet, which includes cash and CEL tokens, is now over $680 million. Further, the company's native CEL token has seen significant growth, now trading at a new all-time high of $1.88, and is also part of the Coinmarketcap’s top 50 list.

"Our incredible growth not just during the last year, but since Celsius was launched just over 2 years ago, proves that as we predicted, interest income is the new killer app for crypto," said Alex Mashinsky, CEO of Celsius.

Celsius Now Offers Yields to Bitfinex Users

Founded in 2017, Celsius Network offers a decentralized lending platform that allows customers of Stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term issuers, exchanges and wallets to earn up to 10% interest on their crypto-shares. Additionally, Celsius allows Ethereum holders to earn a rate of up to 9.65%.

Celsius had raised $50 million worth of crypto in May 2018 through an ICO and said earlier this year, it has topped 50,000 Bitcoin in deposits since its launch two years ago.

The startup lends the assets to miners, investment funds, retail investors, and other digital asset companies ‘on a guaranteed and collateralized basis’. It also allows clients to access several services, such as instant 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. 80% of returns from these entities are passed on to holders, the company says.

Most recently, Celsius has come into a new collaboration with cryptocurrency exchange, Bitfinex. Under the terms of the collaboration, the integration allows Bitfinex customers to directly create a wallet with Celsius and manage it without leaving the crypto platform. Furthermore, they are allowed to withdraw their crypto from Celsius at any time, with no lock-in periods and no fees on deposits or withdrawals.

Interest is being accrued daily, compounded and paid by Celsius at weekly intervals, and users will have the option to auto-renew for additional periods after their initial term expires.