Celsius Network surpasses $1 billion in cryptocurrency deposits since launch in 2018
The cryptocurrency platform has paid out more than $17 million in interest rewards to its 110,000+ users
Jun 04, 2020, 17:12 ET
NEW YORK, June 4, 2020 /PRNewswire/ -- Celsius Network (https://celsius.network/), the industry-leading cryptocurrency interest-earning platform, announces today that it has surpassed $1 billion in total cryptocurrency deposits less than 2 years after launching its mobile app. This announcement comes on the heels of Celsius acquiring more than 110,000 active users and after achieving profitability earlier this year.
According to public data available through the Celsius app, the crypto company has also paid more than $17 million in interest rewards to its community of HODLers to date. Celsius has paid out over $12 million in BTC interest, more than all other crypto lending platforms in the industry combined. Over $3 million of the interest distributed has been in the company's native CEL token, which has also seen significant growth, a new all-time high, and is now part of the CMC top 100 list.
Celsius Network's mission is to make financial services fair, transparent, and rewarding. Customers can hold 26 of their digital assets using the Celsius app and use their coins as collateral to borrow USD or stablecoins at the industry's lowest rates. Celsians also earn weekly compounding interest rewards on their assets at some of the highest rates available in the marketplace. Celsius attributes its exponential growth to its community-centric business model and its commitment to return 80% of its revenue to its customers. More than anyone else in the entire crypto universe.
"Financial equality and economic opportunity are more important today than ever before. We are experiencing a catalyst that requires a fundamental change in the way we earn and distribute wealth, not only in the US but around the world," says Alex Mashinsky, CEO of Celsius Network. "Anyone who experiences rejection or lack of social and financial mobility due to race, gender, credit score or job status can download the Celsius app and instantly start earning up to 100 times more than what they thought was possible. Celsians earn up to 11.9% annually on their crypto assets without paying any fees, credit checks, or other roadblocks invented by traditional banks to slow us down. Since day one, our mission has been to put financial freedom into the hands of 7 billion people, and $1 billion in retail deposits is only the beginning for us. We look forward to the day when billions of people leave the antiquated traditional banks behind and choose to unbank with Celsius. We proved we can bring the power back to the people."
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 community platform where membership provides access to curated financial services that always act in the best interests of our depositors and are not available through traditional financial institutions. For additional information please visit www.celsius.network
Media Contact: John Hyatt, [email protected]
SOURCE Celsius Network
