The initial coin offering (ICO) boom birthed its fair share of ghost ships. So far, it appears the lending startup Celsius certainly isn’t among them.
The New York-based startup raised $50 million worth of crypto in May 2018 through an ICO, selling CEL tokens that borrowers could choose to earn as interest. Since then, according to CEO Alex Mashinsky, 10,415 Celsius users, some of which have taken out fiat loans by locking up crypto collateral. The mobile app accepts bitcoin, DAI and 18 other crypto assets, and loan volume has surged.
By Leigh Cuen – September 7th 2019