Alex Mashinsky

Cryptocurrency borrowing and lending platform Celsius Network’s 6-month milestones include $630M+ in loans

Celsius Network, a cryptocurrency lending and borrowing platform, has originated more than $630 million in cryptocurrency loans since its July 2018 launch.

The platform was founded to provide financial services such as an interest-earning wallet and low APR loans to cryptocurrency holders. With its motto “Unbank Yourself,” Celsius Network’s mission is to act consistently in the best interests of its community; precisely what banks fail to do. To this end, Celsius Network has hit a number of milestones recently:

  • Celsius has originated over $630M worth of crypto loans to non-US customers since commencing lending operations in July 2018;
  • Celsius completed over 70,000 transactions with exchanges and hedge funds over the last six months;
  • Celsius’ API is now publicly available to all partners on its web site;
  • More than 16,000 registered users have joined Celsius in the past 6 months;
  • Members have seen interest rates as high as 7.1 percent on Bitcoin;
  • Celsius has paid BTC and ETH interest to all its depositors every week since launch;
  • Community members hail from 100-plus countries; and
  • Retail deposits have totaled more than $50 million and are spread over the top seven coins: BTC, ETH, XRP, BCH, LTC, OMG, and ZRX.

“Celsius’ amazing performance these last six months proves that if you act in the best interests of your community, they will recognize your efforts and support you,” said Alex Mashinsky, CEO of Celsius Network.

“A killer app on the blockchain is not a pipe dream. Every day on our platform, members are borrowing crypto, receiving dollar loans, and more at the lowest APRs. Banks are no longer the only way to borrow, which means they don’t hold the power to decide who gets a loan and at what price. Celsius Network is modeling a new financial future that’s based on the blockchain and designed for the global crypto community.”

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