Celsius Network, the international cryptocurrency earning and borrowing platform, announced it has paid over $1 billion in digital assets to its community of 1.2 million users – “marking the most yield paid out to users by any crypto platform.”
The announcement also mentioned that Celsius achieved this feat in three years, a time during which the total assets on the platform have grown to $25 billion+ today.
Alex Mashinsky, CEO of Celsius, stated:
“This achievement is a testament to the hard work our team has put in to deliver for our community and to drive unstoppable growth for Celsius. This impressive milestone shows that both doing good and doing well is possible.”
Celsius offers yield on 46 different assets – including Bitcoin, Ethereum and stablecoins – with rewards “paid out weekly on every Monday.”
The platform maintains “some of the highest rates in the crypto lending industry, generating yield by lending to institutions, exchanges, and individuals in addition to staking, DeFi and mining operations,” the release noted.
With Celsius paying out yield at a rate of $15M per week while banking institutions continue to pay on average 0.01% – it is “easy to see why so many have chosen to open accounts with Celsius and earn yield on crypto,” the announcement added.
As part of its Proof Of Community (POC) and Rewards Explorer, Celsius offers real-time data about its assets, loans, users and rewards paid. Celsius users “pay no fees and get weekly yield payments.”
The news follows Celsius’ announcement of a $400 million investment round tat was led by WestCap, a growth equity company, and Caisse de dépôt et placement du Québec (CDPQ), an international investment group. The investment will “reflect a valuation of more than $3 billion for Celsius.”
As previously reported, Celsius assists consumers across the globe with finding the appropriate path towards financial independence via “a compounding yield service and instant low-cost loans accessible via a web and mobile app.”
Built on the vision that financial services should “only do what is in the best interest of the customers and community,” Celsius is a blockchain-powered fee-free platform where membership provides access “to curated financial services that are not available through traditional financial institutions.”