Celsius Network, a cryptocurrency lending and borrowing platform, announced on Thursday it has acquired BSave, a digital platform that provides earned interest income on cryptocurrency. Celsius reported that as part of the acquisition, it will now have access to the yield generating algorithms originally developed by BSave, and will retain key talent, employees, and developers from the original BSave team. The platform also revealed:
“Additionally, the 45,000 pre-existing BSave members will join the Celsius platform, boosting the community and adding utility to the CEL token. Celsius is onboarding all former BSave members with $10 in CEL tokens to welcome them.”
While sharing more details about the acquisition, Steve David Bellaiche, CTO and Co-founder, formerly at BSave, stated:
“Following the acquisition, I am thrilled to say that I have decided to join the Celsius team and continue to provide my expertise so that we can make the future crypto-lending a reality. My twenty years of R&D experience, coupled with the already talented people behind Celsius, means that the stage is set for us to develop innovative fintech applications and technology.”
Daniel Leon, Co-founder, President, and COO of Celsius Network, went on to add:
“Our acquisition of BSave was the next logical step in our goal of becoming the leading interest-earning platform for stable coins and cryptocurrency holders. We are providing our users with rates that all banks should already be providing their customers. If we band together as a community of HODLers, we can set the tone and demand higher rates. And that, in turn, will stabilize the market.