Celsius Network, a cryptocurrency lending and borrowing platform, recently announced it surpassed $1 billion in cryptocurrency deposits since its launch in 2018. This announcement comes just after Celsius announced it now has more than 110,000 active users using its platform. 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 recently revealed since its platform’s launch, it has continued to lower its loan requirements to support its mission of providing fair and transparent financial services to crypto holders worldwide. The platform noted it has also paid more than $17 million in interest rewards to its community of HODLers to date.
“Celsius has paid out over $12 million in BTC interest, more than all other crypto lending platforms in the industry combined. Over $3 million of the interest distributed has been in the company’s native CEL token, which has also seen significant growth, a new all-time high, and is now part of the CMC top 100 list.”
Alex Mashinsky, CEO of Celsius Network, went on to add:
“Since day one, our mission has been to put financial freedom into the hands of 7 billion people, and $1 billion in retail deposits is only the beginning for us. We look forward to the day when billions of people leave the antiquated traditional banks behind and choose to unbank with Celsius. We proved we can bring the power back to the people.”