Celsius Network first to achieve profitability despite the recent downturn
The crypto platform has become well known for distributing 80% of its revenue back to its depositor community as weekly interest income and charging no fees
Mar 18, 2020, 09:00 ET
LONDON, March 18, 2020 /PRNewswire/ -- Celsius Network (https://celsius.network/), the industry-leading cryptocurrency interest income platform, announces today that it has achieved profitability after launching only 18 months ago. Celsius has been profitable since the beginning of 2020, and the company has since exceeded $1.5 million in monthly revenues. Celsius also expects record revenues in March and a record first quarter in 2020.
Celsius was founded in 2017 with the mission of leveraging cryptocurrency and blockchain to create a new financial system that acts in the best interest of the community and operates by doing good for its users before doing well for its shareholders. After a successful ICO in March 2018, the company launched its product - a mobile, interest-bearing wallet for crypto holders - in August that same year.
To date, Celsius is the only crypto platform providing loans and interest income in BTC and ETH to reach profitability. While others in the industry choose to subsidize their rates through outside investors, Celsius has focused on creating a community and disrupting the traditional banking model by putting customers before shareholders and providing 80% of its total revenue back to its community of depositors. With over $650 million in assets under management as of February 2020, and over 80,000 users worldwide, Celsius has become the largest and most successful community while sticking to its mission to replace banks and decentralize the financial system.
"This is a major milestone for our community and the company, proving that we are a sustainable and profitable entity, and we're only just getting started," said Alex Mashinsky, CEO of Celsius Network. "Celsius has proven beyond any doubt that when you act in the best interest of your community, you can do good and do well at the same time."
About Celsius Network
Celsius Network addresses the financial needs of today's consumers worldwide through a high interest income and low cost loans accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the depositor community, Celsius is a Blockchain-based marketplace platform where membership provides access to curated financial services that are not available through traditional financial institutions. For additional information please visit www.celsius.network
Contact for media:
Anastasia Golovina
[email protected]
SOURCE Celsius Network
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