Celsius Network, a cryptocurrency lending and borrowing platform, announced on Monday it has surpassed 20,000 BTC through mobile app deposits during the first year of operations.
The platform reported that with the mission of making financial services fair, rewarding, and transparent, members may earn interest income of up to 10.53% APR on crypto assets and use their coins as collateral to get dollar loans at rates as low as 4.95% without fees or penalties, no minimums or caps, and no lockups. Speaking about the milestone, Alex Mashinsky, CEO of Celsius Network, stated:
“We’ve passed the 20K mark in deposits for BTC, which is a huge deal not only for Celsius, but also for the crypto industry as a whole. The numbers show that people are using Celsius at an exponential rate. There clearly is a need in the financial world for fair and transparent financial services, and this recent achievement shows that Celsius is doing just that.”
Celsius went on to add that its other recent milestones achieved include the following:
- Over $2.2 billion worth of coin loans originated since July 2018
- Over $350 million AUM passed in customer deposits and collateral from loans under management
- Over 160,000 lending transactions.
- Over $3.5 million in interest payments distributed
- More earnings in BTC and ETH than anyone, returning up to 80% of its revenue to depositors