LONDON, July 30, 2020 /PRNewswire/ -- Celsius Network, the industry-leading cryptocurrency rewards-earning platform, today announced the addition of Binance's BUSD stablecoin to the Celsius mobile app. Customers can now transfer and hold BUSD in their Celsius wallet and earn up to 11.9% APY (Annual Percentage Yield).
Binance, the global blockchain firm behind the world's largest digital asset exchange by trading volume and users, issued BUSD, the 1:1 USD-denominated stablecoin approved and regulated by the New York State Department of Financial Services ("NYDFS"), with Paxos last September. To date, BUSD has grown into one of the top 5 stablecoins in the world, recording more than 1 billion USD in tokens issued and a market cap as high as 200 million USD.The Celsius Network platform now offers up to 11.9% APY on BUSD and 11 other stablecoins. Rewards on BUSD can be earned in BUSD or CEL token.
"Stablecoins help us bridge the gap between the traditional economy and the digital economy. Our goal at Celsius is to leverage these assets as a means of bringing the next 100 million users into crypto and away from traditional banks," said Alex Mashinsky, CEO of Celsius Network. "Offering close to 12% annually on your dollars is unheard of, but cryptocurrencies like BUSD give us the opportunity to change the equation and provide more value for individuals who otherwise would be left out of the equation."
"We are pleased to collaborate with Celsius, allowing BUSD users extra rewards while holding BUSD. By bridging fiat with crypto, stablecoins like BUSD are serving as the key drivers for growing new users and boosting massive adoption of crypto. We will continue to expand the use cases of BUSD and enhance the crypto experience for all existing and new users," said Binance Chief Compliance Officer Samuel Lim.
About Celsius Network
Celsius Network addresses the financial needs of today's consumers worldwide through a reward 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
Binance is the world's leading blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.
For more information, visit: https://www.binance.com
Contact: Anastasia Golovina, [email protected]
SOURCE Celsius Network