*The green numbers represent the earned interest rates in cel tokens.Īt the time of writing Celcius Network has:
Some of the perks of Celsius include: Celsius’s List of Supported Coins & Their Interest Rates Moreover, Celsius plans to only lend crypto to financial institutions which they expect the risk of default to be minimal. Therefore, in the event that there is a financial loss due to lending, they can use that pool to help protect their lenders. Each time Celsius lends your money, they keep a certain percentage of the interest earned and put it into a pool. When lending with Celsius, you will get some protection due to the way the network is designed. Thus, in return, they pay you a real interest rate.
As a lender, your money will be used to issue out loans to major financial institutions (such as hedge funds & crypto funds) that want access to your cryptocurrency coins. By depositing Bitcoin, Ethereum, or any supported coin on the platform, you essentially choose to become a lender on the network. Generally, The Celsius Network comes with a mobile wallet app where you’ll be able to deposit and spend your cryptocurrency. The Cel tokens which you choose to earn as, in interest from your crypto deposits have a couple of use cases which can be outlined from a screenshot taken from the Celcius website: How the Celsius Mechanism Works Borrow USD against your crypto collateral at interest rates for as low as 4.95% APR.Earn compounded interest on all of your deposited coins in your wallet which are paid out weekly.Choose to earn in Cel tokens (Celsius Network’s Native Token) at a higher interest rate.*Interest rates are calculated weekly and based on three factors: market conditions, coin demand, and providing 80% of Celsius’s profits back to the community. Earn interest rates on your deposited digital assets such as bitcoin, Ethereum and a range of other stablecoins for you to choose from.So, what Celsius has in store for its user includes the following: However, as we’ve seen in different countries such as the US and Canada, interest rates have dropped to well below half a percent. Nowadays, we normally store our money in the bank, in which we are rewarded with interest. It’s believed that it’s time to replace the current financial systems with a new model that only ever acts in the best interest of the community.Ĭelsius Network aims to achieve this by providing its members with curated services that are currently unavailable through traditional institutions, and in achieving its goal of acting as a catalyst for financial disruption on global scale through offering services that would bring the next 100 million people into cryptocurrency. The mission of Celsius Network as stated on their website is to harness blockchain technology to provide unprecedented financial freedom, economic opportunity, and income equality for the 99%. One of the game changers in the crypto industry is a 2017 newly established company known as Celsius Network, which is founded by entrepreneur Alex Mashinsky and S.