Celsius Network, a cryptocurrency lending and borrowing platform, announced on Wednesday it is offering borrowers USD and stablecoin loans against their cryptocurrency assets at just 1% APR as part of its COVID-19 relief efforts. The platform also revealed that it has surpassed 100,000 active users.
Celsius reported that borrowers may take advantage of its 1% APR loans by submitting a 12-month USD or stablecoin loan request for $1,000 or more through the platform’s mobile app at 25% LTV. Qualified borrowers can review additional terms and conditions on the Celsius website. Alex Mashinsky, CEO of Celsius Network, further stated:
“Our mission has always been to act in the best interest of the people. Offering unprecedented rates during these unprecedented times is only the latest of our efforts to support the community in the wake of COVID-19. It took us 18 month to get the first 50,000 HODLers and only 6 months to get the next 50,000. They all can get approved for a 1% cash loan today in the Celsius app and pay as little as $10 in total interest for a $1,000 loan.”
As previously reported, Celsius claims it addresses the financial needs of today’s consumers worldwide through a democratized interest income and lending platform accessible via a mobile app.
“Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions.”
Celsius recently revealed since its platform’s launch in 2018, it has continued to lower its loan requirements to support its mission of providing fair and transparent financial services to crypto holders worldwide. Celsius noted that more than 50,000 BTC have been deposited into Celsius apps and under current market conditions, the BTC deposited into its platform equals more than $380,000,000 in USD. The company attributes its increase in BTC deposits to its record growth, which is currently on track to outperform 2019 by over 60%.
Other recent milestones for Celsius include:
- $12 million in interest payments, a staggering increase of 54% from just $5 million on 11/12/19
- $8.2 billion of coin loans in today’s BTC prices since beginning its lending operations in July 2018, an increase of 31% from $4.25 billion
- $730 million in customer deposits and collateral from loans under management, an increase of 38% from $450 million assets
- 101,000 users worldwide, an increase of 100% from 50,000 users