Celsius Network, a cryptocurrency lending and borrowing platform, announced on Tuesday it has on-boarded more than 100 institutional clients during the first half of 2019. Celsius Network confirmed that in order to use its services, institutions must complete a rigorous KYC and AML application and evaluation process.
“Institutions represent the demand side of the Celsius marketplace with over 50,000 retail HODLers balancing out the supply side. The Celsius Blockchain-based platform operates, unlike many other traditional B2B lending marketplaces in which institutions typically represent the supply side with retail borrowers the demand side.”
Along with hitting 100 institutional clients, Celsius Network has achieved the following:
- Celsius has also shown notable growth for its retail services.
- More than $2.2 billion in coin loans originated since July 2018
- Over $375 million AUM passed in customer deposits and collateral under management
- More than 160,000 lending transactions
- Over $4 million in interest payments distributed
- More earnings in BTC and ETH than anyone, returning up to 80% of its revenue to depositors
Alex Mashinsky, CEO and founder of Celsius Network, went on to add:
“It’s amazing to see so many institutions choosing to work with us, picking up the baton from retail investors and scale their support for cryptocurrencies as the next major asset class. By bringing more pro players into crypto, we are able to keep the supply and demand in balance and provide even greater rewards and services to our depositor community of HODLers.”