Celsius Network Boasts $1 Billion in Cryptocurrency Deposits Over Past Two Years

Share Article
In Brief
  • Celcius Network recently passed $1 billion in deposits

  • The platform allows an opportunity for lenders to earn interest on their cryptocurrency.

  • It still faces strong competition from platforms like Blockfi.

  • promo

    Gravity Dex Protocol: Bringing DeFi to Cosmos

The Trust Project is an international consortium of news organizations building standards of transparency.

Celcius Network recently passed $1 billion in deposits indicating a strong demand amongst the cryptocurrency community for ways to earn interest on their cryptocurrency.

Sponsored



Sponsored

The community largely consists of crypto enthusiasts who would rather HODL than spend their Bitcoin. This makes a strong use case for lenders who can bridge members of the cryptocurrency community to those who want to take out loans and an opportunity for lenders to earn interest.

Celsius has experienced impressive growth acquiring more than 110,000 lenders since its inception.

Sponsored



Sponsored

Celcius CEO Alex Mashinsky voiced that improving financial opportunity to the world is an important incentive to provide a lending platform:

Financial equality and economic opportunity are more important today than ever before. We are experiencing a catalyst that requires a fundamental change in the way we earn and distribute wealth, not only in the US but around the world.

It is unclear whether Celsius possesses sufficient reserves to reimburse all users who have assets on the platform. Celsius also faces competition with lending providers such as Blockfi, which has a growing amount of cryptocurrency being lent.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go