Celsius Network, a cryptocurrency lending and borrowing platform, announced on Thursday it has topped $300 million in coin deposits, as well as completed more than $2 billion in originated crypto loans during its first year of operation.
Founded in 2017 and launched 2018, Celsius states it addresses “the financial needs” of today’s consumers through a democratized interest income and lending platform.
“Built on the belief that financial services should only do what is in the best interests of the community, Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions. Crypto holders can earn interest by transferring their coins to their Celsius Wallet and borrow USD against their crypto collateral at interest rates as low as 5% APR.”
Celsius Network also reported that it has achieved the following throughout its first year of operations:
- Celsius has originated over $2.2 billion worth of coin loans since beginning lending operations in July 2018
- Celsius has passed over $300 million AUM in customer deposits and collateral from loans under management
- Celsius has completed over 160,000 coin loan trades
- Celsius serves 40,000 members from over 150 countries
- Celsius has distributed over $3 million in interest payments
- Celsius paid depositors the industry’s best rates over the past year with no minimums or caps and no fees or penalties
- Celsius paid more in earned BTC and ETH than anyone returning up to 80% of its revenue to depositors, compared with Binance BNB returning 20% of profit as buyback and Nexo distributing 30% as a dividend