Celsius Network, a blockchain-based marketplace platform, is reporting profitability after just 18 months of operation. The crypto platform enables users to borrow or lend crypto assets. The company claims that it distributes 80% of its revenue back to the depositor community as weekly interest income.
Without providing details, Celsius Network says the platform became profitable at the beginning of 2020. Currently, the crypto-asset platform says it is generating $1.5 million in monthly revenues Celsius predict record revenues during the month of March and for all of Q1.
Celsius was founded in 2017 but completed an initial coin offering (ICO) in March of 2018. It launched an app-based wallet for crypto holders later that year.
Celsius is providing loans and interest income in BTC and ETH.
The company states that while others in the industry subsidize their rates through outside investors, Celsius has focused on creating a community and “disrupting the traditional banking model by putting customers before shareholders and providing 80% of its total revenue back to its community of depositors.”
Currently, Celsius reports $650 million in assets under management (February 2020). Its global user base stands at more than 80,000. The website claims over $5 billion in loan originations.
Alex Mashinsky, CEO of Celsius Network, said profitability was a major mileston that also proves sustainability.
“…we’re only just getting started,” said Mashinsky. “Celsius has proven beyond any doubt that when you act in the best interest of your community, you can do good and do well at the same time.”