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.
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.
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
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
