Celsius Network, a cryptocurrency lending and borrowing platform, announced on Wednesday it has reduced its minimum loan amount to $500, making Celsius one of the most accessible crypto-lenders in the space. Celsius reported that the latest decrease comes less than a year after it lowering its loan minimum to $1,000.
Celsius reported it provides the broadest and comprehensive set of customizable dollar loan options enabling customers to borrow against any of the 40+ cryptocurrencies supported in the Celsius wallet including BTC, ETH, XRP, USDC, and the company’s native CEL token. The platform’s annual rates start at 1% APR, and members can receive significant additional discounts by completing their monthly payments in the platform’s native CEL token. Speaking about the decrease, Alex Mashinsky, CEO of Celsius, stated:
“When you borrow against your assets with Celsius, you can access all the cash you need and still hold on to your crypto, and just like the billionaires, you can defer capital gains taxes by not selling your assets. By reducing the minimum amount of money required to request a loan, we’re enabling millions of more people to access these same financial tools.”
Founded in 2017, Celsius addresses the financial needs of today’s consumers worldwide through a democratized interest income and lending platform accessible through a mobile app.
“Built on the belief that financial services should only do what is in the best interests of the community, Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions.”
Celsius also revealed that it has now served more than 200,000 customers from over 150 countries, manages over $1.5 billion in crypto assets, and has secured more than $8 billion in loan origination.
