Celsius, the international digital currency earning and borrowing platform, recently revealed that it’s now managing $20,366,621,718 in crypto-assets as of August 13, 2021.
Celsius carried out its quarterly internal audit using tech provided by third-party blockchain analysis company, Chainalysis, and using an internally developed methodology that was verified by Chainalysis.
In less than a year, Celsius has managed to grow its total digital asset holdings from $1 billion to more than $20 billion. As part of its Proof Of Community (POC) and rewards explorer, Celsius offers real-time data about its assets, loans, users and rewards paid.
As mentioned in a release, this asset growth trajectory continues with Celsius “confirming it is adding close to $1B a month in new assets, as the company trends towards the number one position in total asset holdings in the crypto industry.”
Celsius continues to do what was “once thought impossible, by redefining the way consumers earn and borrow on the blockchain,” according to Alex Mashinsky, CEO at Celsius.
Alex added that for years, the traditional banking business has “conditioned us to accept steep fees and no yield earnings on holdings as the status quo.”
He continued:
“With that failing model ripe for disruption, we built Celsius to give consumers what banks never could — a community-oriented platform that provides income and financial independence by offering low-cost lending and high-interest yield on 43 cryptocurrencies. At the start, we set a goal to bring the next 100 million people into crypto. Today, as we sit at over 950,000 users worldwide and over $20 billion in assets, we’re well on our way.”
Celsius attributes its steady growth to its “community-centric” model by putting its users first “instead of shareholders.” Through the Celsius platform, clients are able to consistently earn yield on their crypto-assets “at rates of up to 17% APY on 43 cryptocurrencies, paid out weekly.”
Platform users may also use their crypto as collateral “to borrow dollars or stablecoins at rates as low as 0% and can earn rewards in-kind or in CEL token.”
As mentioned in the announcement, Celsius helps “hundreds of thousands” of consumers globally to “find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app.”
As noted in the update:
“Built on the belief that financial services should only do what is in the best interest of the customers and community, Celsius is a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions.”