Celsius founder and CEO Alex Mashinsky shares his experience as an immigrant in America working to fulfill his own American Dream.
I came to the United States in 1989. I craved the “American Dream.” I read about our inalienable right to the “pursuit of happiness” in the Declaration of Independence. The choice to move was a no-brainer…
The Celsius app is living its best life with tons of new and improved features now available in our latest update! From new coins to enhanced automation, the app that’s built in your best interest just got a whole lot more… interesting 😉
NEW YORK–(BUSINESS WIRE)–Voyager Digital LLC, a subsidiary of publicly-traded Voyager Digital (Canada) Ltd (Ticker VYGR.CN), an industry-leading best execution crypto asset broker, today announced a partnership with Celsius Network, in which Celsius will manage a portion of Voyager’s digital assets.
LONDON, Oct. 4, 2019 /PRNewswire/ —Celsius Network, the industry-leading cryptocurrency platform, announces today the listing of its CEL token on HitBTC Exchange, one of the most advanced crypto exchanges on the market today providing a variety of robust crypto trading options.
Celsius Network, the leading cryptocurrency saving, lending and borrowing platform, is upending the banking industry with their revolutionary business model for cryptocurrencies. The company addresses global financial needs by providing high interest income and low cost lending through the Celsius Wallet mobile app. The company was built on the belief that financial services should only do what is in the best interests of its community. Celsius provides high yield interest bearing accounts and low interest rate loans, curated financial services that are not available through traditional financial institutions. .
LONDON–(BUSINESS WIRE)–Celsius Network, the industry-leading cryptocurrency platform, today announced a partnership with the Litecoin Foundation, which will see Celsius become the preferred interest-earning wallet of the Litecoin Foundation. In addition, the Litecoin Foundation board chose Celsius to manage a portion of their treasury, a first for the organization.
LONDON–(BUSINESS WIRE)–Celsius Network, the industry-leading cryptocurrency platform, announces today it has increased interest rates for stablecoin deposits to 12.03% APR. Users who choose to earn interest in Celsius Network’s blockchain-based CEL token can earn up to 30% more than the 9.25% depositors who are paid in-kind on their coins. Celsius is raising its rates because it is consistently earning higher returns on its deposits and distributes 80% of its income to its depositors; as it earns more, it distributes more. Unlike other platforms, such as Binance that use 20% of its profits to buy back BNB, Celsius has put its depositors first and has consistently given more returns to more users than anyone else.
Celsius users are falling in love with our end-of-summer bonus rewards! Up until last week, the main utility of the CEL token enabled Celsius depositors to earn up to 30% more interest on their coins. As of now, Celsius also pays 3% interest on CEL tokens, effectively doubling the rewards for the CEL community and allowing HODLers to earn even more rewards with yields higher than you’ll ever find at a traditional bank.
LONDON–(BUSINESS WIRE)–Celsius Network, the industry-leading cryptocurrency platform, announces today that it has onboarded over 100 institutional clients. In order to use Celsius services, institutions must complete a rigorous KYC and AML application and evaluation process. Institutions represent the demand side of the Celsius marketplace with over 50,000 retail HODLers balancing out the supply side. The Celsius Blockchain based platform operates unlike many other traditional B2B lending marketplaces in which institutions typically represent the supply side with retail borrowers the demand side.
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.
Celsius Network is thrilled to be introducing compounding interest — Celsius style! Beginning this fall, users will have an array of new CEL utility options built in your best interest. Celsius customers will have two options to utilize their CEL tokens: earn 3% per annum interest paid on a weekly basis on your total CEL balance (that means interest on interest, too!) OR earn up to 30% more interest on non-CEL deposits in CEL tokens at rates determined by your loyalty level.
Cryptocurrency lending firm Celsius Network has seen 2,165% growth in deposits since it opened its business last year, but there are concerns surrounding how interest is generated from these deposits Celsius states that it lends to hedge funds, institutional traders, and exchanges to earn interest, however, the firm does not make clear that it also lends to margin traders through margin trading programs run by some exchanges One of these exchanges is Bitfinex, which is entangled in a series of legal disputes recently; lending to margin traders on Bitfinex gives the exchange full control over risk management of the loans and may expose Celsius to regulatory and operational risk.
A lot of loans have been made in crypto, but lenders have not reaped a lot of profit. That’s the big takeaway from a new report by Graychain, a startup looking to bring credit assessment to the crypto space. The startup released its first report on the collateralized crypto lending industry Thursday, estimating that $4.7 billion has been lent out over the history of the sector, but only $86 million has been earned back in interest. That’s a 1.8 percent return, despite the fact that loans typically cost borrowers 6 to 10 percent on an annual basis.
If you are familiar with the crypto lending industry, then a mere mention of Celsius Network ought to automatically ring a bell in your mind. The platform is hitting the headlines, having amassed a whopping $300 million in cryptocurrency deposits over the last 12 months. Celsius Network allows BTC and other Altcoin holders to either deposit their coins in exchange for interest or take a loan with their coins as collateral. And over the past year, the Network handled and completed an incredible $2 billion worth of loan origination in cryptocurrencies.
LONDON – the industry-leading cryptocurrency platform, announces today that it started offering cash and stablecoin loans to users in Spain. Starting at just 4.95% per year, these loans represent the lowest cost available anywhere with the option to borrow in euros, dollars, or stablecoins.
“It’s about just opening the doors and letting the light in,” Mashinsky says. “Now everyone says ‘oh, it’s daytime outside, why are we sitting in this shitty room and letting everyone steal our money from us?'” “We, me and my co-founder Daniel, worked on the idea and thought about it hard. How can we structure it as a win-win, where the only guys that lose are the banks? How can we create a solution? What I compare it to is Costco. So, Costco is an amazing company. You pay a membership fee once a year. And then you walk into this giant warehouse and everything is half the price. And you’re like ‘Jesus, why was I paying full price all this time?’ And you take a cart, and you fill it up as much as you can because you can’t wait to take all of these benefits.”
“We pay 7% to 10% interest. You can take your dollars or euros, you convert them into stablecoins like Paxos or USDC, deposit the coins in the Celsius app, I lend them out. I make 9% to 12%, I give you 80% of what I make back,” Alex Mashinsky explains. “I cannot do it with dollars. For that I need a banking licence. But with stablecoins I can pay you up to 10% anywhere in the world and not have a banking license. This app is helping the depositor, not the bank.”
One of the most common questions we’re asked is how we are able to consistently fund interest rates between 3–10% APR. Skeptics have tried to argue that our business model is “too good to be true,” but anyone who has earned interest with Celsius Network knows it’s the real deal. So, how are we able to pay upwards of 10% when banks are only paying depositors, on average, less than 1%?
Decentralized lending and borrowing platform Celsius Network will manage the Sustainable Development Goals Impact Fund (SDG Impact Fund) within the United Nations’ Sustainable Development Goals initiative, according to a press release published September 21.