The Crypto Times
Image default

Crypto Lending Platform Celsius Sees Massive Growth, Completes over $2.2 in Loan Origination

The Celsius Network, a cryptocurrency borrowing, and the lending platform have been hailed as the “fastest-growing” platform of its kind after it made $300 million in coin deposits in one year. It has also completed more than $2 billion in crypto loan origination. 

$2.2 Billion Coin Loans

A recently press statement shared that since Celsius commenced operations on July 2018, it has generated $2.2 billion of coin loans and exceeded $300 million AUM in client deposits and collateral from management loans. All in all, Celsius has wrapped up over 160,000 in coin loan trading and allocated more than $3 million for interest payments. 

The Celsius Network expounded on its services, saying that its clients can gain interest by transferring their digital currency to their Celsius Wallets and loan US dollars against their crypto collateral. 

Celsius also stated in its press release that the company paid more in earned bitcoin (BTC) and ether (ETH) than any other firm. It has returned up to 80% of its earnings to depositors, whereas Binance BNB returned 20% of its revenue as buyback and Nexo distributed 30% as a dividend. 

SDG Impact Fund

In September of last year, Celsius became the head of the Sustainable Development Goals Impact Fund, or SDG Impact Fund, a division working within the UN’s Sustainable Development Goals Initiative. 

The Celsius Network, in cooperation with Fifth Element, allegedly aims to “bring power back” to citizens by supplying banking services usually reserved for its high-level asset clients. 

Other companies are taking a page out of Celsius’ book. Bitmain’s ex-CEO Wu Jihan recently unveiled a new cryptocurrency trading exchange called Matrixport. The platform is said to offer over-the-counter custody, lending, and trading. 

Related posts

Blockchain Startup VaultTel Launches Crypto Wallet Chip for Mobile Phones

Viena Abdon

Coinbase Introduces Global Payments With USDC and XRP

Viena Abdon

Mastercard’s Food Traceability Platform Undergoes Pilot Testing with Leading US Food Group

Viena Abdon

Coinbase Legal Chief Addresses Concerns About New Crypto Ratings Council

Viena Abdon

Societe Generale SFH Releases 100 Million Euro Security Token on Ethereum

Viena Abdon

How Switzerland Qualifies as the Central Cryptocurrency Hub of the Globe

Viena Abdon