LONDON, April 1, 2021 /PRNewswire/ -- Celsius, the industry-leading cryptocurrency rewards-earning platform, announced today that it will add support for CoinShares wDGLD token. Celsius customers will be able to hold wDGLD tokens in their Celsius wallets to earn weekly compounding yield or use their coins as collateral to get cash loans against their crypto.
CoinShares and Blockchain.com launched the wDGLD token in November 2020 as a solution to bring digital gold onto the Ethereum network and extend its usability within the digital asset ecosystem. wDGLD is pegged 1:1 with DGLD, a gold-backed token built on the Bitcoin blockchain and is currently available in the Blockchain.com wallet, home to over 69 million created wallets.
"Celsius is thrilled to support another innovative and inclusive player in the DeFi space," said Alex Mashinsky, CEO of Celsius. "It's a win-win-win when we're able to form mutually beneficial partnerships that also generate more value for our customers. At a time when dollars and other inflationary currencies are losing value at an exponential rate, adding wDGLD provides our users with yet another option to diversify their assets in a way that acts in their best interest."
The physical gold that wDGLD is backed by is kept securely in a Swiss vault, and the wrapped token will enable holders to harness the accessibility and flexibility of an ERC-20 token. Holding wDGLD not only gives users the satisfaction of holding an asset backed by 1/10th of a troy ounce of gold with instant transaction times, but now through Celsius, it will bring unparalleled yields.
Danny Masters, Chairman of CoinShares, commented on today's news, "wDGLD benefits from the global infrastructure of the Ethereum network and is a new form of collateral that can be used across the ecosystem. We are delighted to bring wDGLD to the Celsius network."
Celsius helps hundreds of thousands of consumers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Built on the belief that financial services should only do what is in the best interest of the customers and community, Celsius is a blockchain-based fee-free 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
SOURCE Celsius Network