Celsius Network, a cryptocurrency lending and borrowing platform, it has surpassed $2.2 billion worth of assets it holds under management.
Founded in 2017 by Israelis S. Daniel Leon and Alex Mashinsky, Celsius provides an earning and lending platform which it states addresses the financial needs of today’s consumers worldwide and is available as a mobile app. Crypto holders can earn rewards by transferring their coins to their Celsius Wallet and borrow USD against their crypto collateral at interest rates as low as 1% APR.
Alex Mashinsky, CEO of Celsius, stated:
“We created the concept of earning yield on your digital assets in kind or with a native token and launched the DeFi revolution. Since then we have created more income for our customers than anyone else in DeFi or CeFi, and we have no plans on slowing down any time soon.”
“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,” added Mashinsky.
Celsius has now served more than 200,000 customers from over 150 countries.
— Celsius (@CelsiusNetwork) November 10, 2020
In an interview with Globes, Celsius COO S. Daniel Leon spoke about how cryptocurrencies have been increasing in value recently.
“The rise in cryptocurrency prices is no accident,” S. Daniel Leon. “There’s a tectonic shift that’s pushing this industry forward. What is happening at Celsius isn’t happening in a vacuum.”
On PayPal’s move to let its 350 million clients use cryptocurrencies he said, ”PayPal has changed the situation in the market significantly. This move is a seal of approval for the crypto industry. We’ve always said this industry needed mass adoption – and needed a huge entity like PayPal to say ‘We’ll bet on it’. PayPal can open the crypto market to tens of millions of people and many businesses. Crypto adoption will only come if cryptocurrency is easy to use. PayPal offers the market a simple user interface that will make it easy and safe to use cryptocurrencies.”