CELSIUS NETWORK: Cryptocurrency Lending Made Easy

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Until recently, investing in cryptocurrency-based assets was considered a niche for very few people.

To be able to make decent profits, a user would have to learn the ins and out’s involved in crypto trading and always keep up with the news, which can be quite hard considering how fast and dynamic this market is. Cryptocurrency trading was considered more a risky venture than a solid business.

Celsius Network wants to change this point of view, by turning cryptocurrency lending easy using new tools and features.

 

How Does it Work?

Celsius Network is a cryptocurrency lending company that wants to facilitate lending/borrowing of crypto assets.

Within the platform, borrowers have quick access to fiat funds by putting their crypto as collateral (paying just minimal interest).

Lenders are gifted with profits on interest rates for the crypto assets they have deposited on their digital wallets.

The team behind the idea is known as solid amid the blockchain scenario (high tech and business veterans), and they have done important partnerships to make the idea work well.

Some well-known partners are Bitcoin.com, Korbit, PrimeTrust, Litecoin Foundation, and Chainlink (just to name a few).

Celsius Network has its native token, called CEL token. It is an in-app utility token designed to give platform members access to exclusive financial services.

Users that choose CEL to trade within the ecosystem get better interest rates, as well as several other advantages like 2% cashback on all CEL transactions while using Celpay (another exclusive feature).

Dig into It:

Lenders surely will find Celsius a good option for investing, with the possibility to make it their main source of interest income when it comes to cryptocurrencies.

Once lenders deposit crypto assets into their Celsius accounts, they automatically start earning interest from the network’s borrowers.

Celsius uses deposited coins to lend it to people on the network, redistributing 80% of all interest accrued over time to users that have deposited any funds within their wallets.

People who want to borrow fiat (USD, in this case) using cryptocurrency as collateral also have their chance here. Anyone who has entered a crypto position for long term benefits is allowed to borrow USD using his crypto assets as collateral.

The process is done via an application, so the borrower applies for a cash loan by depositing one of the supported types of collateral. We must remember users that their banking history is not relevant here, hence people do not have to be concerned with that.

Another remarkable feature is Celpay. It allows users to seamlessly send cryptocurrencies to their contacts, being a user-friendly tool, with no need for web3 wallets and no hustle with private/public keys.

By using Celpay users can share their crypto with their friends simply by sending them a link with the transaction in a text message.

Why is It Interesting for DeFi Users?

Celsius Network has several benefits for users. It has no minimum deposits, allowing users to start using even US$5 or less.

The platform has no fees whatsoever, be it withdrawal fees, deposit fees, transaction fees, or origination fees.

Another great fact is that users choose how to receive or pay interests. The platform allows people to get their interest in-kind (deposited crypto) or in CEL tokens (this last option has serious advantages, as users that choose it can earn up to 30% more interest).

We might notice that users that choose to pay interest with CEL instead of fiat have lower interest rates too.

There is no locking up of funds, meaning that users can withdraw their cryptocurrencies whenever they want, with no penalties or fees.

Who is Behind the Idea?

The company was founded in 2017. The team consists mainly of veteran businessmen, banking experts, and blockchain pioneers.

The current CEO is Alex Mashinsky, a tech market veteran with over 20 years of experience. He was one of the inventors of VOIP (Voice Over Internet Protocol) back in 1994.

The main vision of the team is to disrupt the banking system using blockchain technology, spreading its’ use among a vast number of people worldwide.

Conclusion:

Backed by strong partnerships and empowered by a strong team, Celsius Network already is one of the most prominent lending platforms on the blockchain scene.

It brings different features and tools aiming to facilitate lending/borrowing of crypto assets for users.

With no fees and no value locked up, users are free to lend and borrow several cryptocurrencies. Other interesting possibilities are borrowing USD using crypto as collateral, use the Celpay feature to share crypto with friends, and also use the native Token (CEL) to have several advantages.

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