Celsius Raises the Ante with Self-Insurance

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In Brief
  • Celsius has increased its APY on stablecoins to 12.5 percent.

  • Celsuis co-founder Alex Mashinsky tweeted that the platform will be offering coin self-insurance.

  • Celsius enables decentralized and permissionless lending and borrowing for its customers.

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Blockchain technology creates the ability for end users to better realize the full value of their transactions. Celsius will soon be offering a way to better insure the transactions.

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Celsius, the DeFi/CeFi combination enabling peer-to-peer and peer-to-business lending, has increased its annual percentage yield (APY) for stablecoin users. Celsius users will now earn 12.5 percent yearly on all stablecoins deposited on the platform. Moreover, on Feb. 5, Celsius Network co-founder Alex Mashinsky announced on Twitter that in the coming months, Celsius would offer self-insurance for coins.

Celsius to Offer Coin Lending Insurance

While Mashinsky did not give many details, he claimed that the insurance would cover coins loaned to institutions and exchanges. According to Mashinsky, this is a market first.

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Business Loans and More

Celsius’ founders created the platform to outperform banks in offering financial services. This enables everyday users to take advantage of lending and borrowing.

 Now, users are able to earn substantial returns on their savings. This creates a passive income opportunity that was previously unobtainable to most. The Celsius platform focuses on business loans, giving users everywhere have a huge opportunity that was once beyond their reach.

Celsius Brings Variety

Another value-adding feature of Celsius is the ability to deposit, lend, and borrow in a variety of cryptocurrencies. On traditional platforms, customers generally conduct transactions in only one currency. Celsius offers a plethora of options to choose from. With idle funds, users can deposit stablecoins, top cryptocurrencies, DeFi tokens, and more to capitalize on yield. Celsius offers 13.99 percent in-kind rewards on coins like MATIC and SNX, bumping the APY up to a whopping 18.55 percent if users receive payment in CEL.

CEL Unlocks Additional Value Throughout the Ecosystem

Besides giving lenders a higher APY when receiving compensation in CEL, the token offers many other features. As a utility token, CEL is the ‘gas’ of the Celsius network. However, it does a lot more than just facilitate transactions. CEL also gives borrowers a better rate on loans, an aspect that traditional lending platforms cannot offer.

Using CEL, platform users are rewarded on both ends, receiving up to 30 percent as an interest bonus or a discount depending on which end of the transaction they are on. This is particularly beneficial for institutions that take out large loans, as it offers a much more competitive rate.

All of these factors make for an easy to use and intuitive platform. It’s no wonder, then, that Celsius has rapidly grown into a blockchain unicorn.

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.
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Harrison is an analyst, reporter, and lead specialist at BeInCrypto based out of Tel Aviv, Israel. Harrison has been involved in the cryptocurrency space since late 2016 and is passionate about decentralized ledger technology and its potential.

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