LONDON, May 5, 2020 /PRNewswire/ -- Celsius Network (https://celsius.network/), the industry-leading cryptocurrency interest-earning platform, announces today the addition of Tether Gold (XAU₮), the world's biggest gold-backed digital asset, to the Celsius mobile app. XAU₮ holders can deposit their digital assets into the Celsius wallet and earn 3% APY making Celsius the first financial platforms in the world to offer interest income on XAU₮ gold.
The XAU₮ token is part of Tether's growing suite of digital currencies built on the ERC20 blockchain. Each XAU₮ token is backed by one fine troy ounce of gold on a physical bar of gold held in a vault in Switzerland. By offering interest income on XAU₮, Celsius Network is enabling for the first time in history the world's oldest store of value to have positive yield, an amazing modern-day use case for the blockchain and for Gold.
"At a time when central banks are printing more fiat money than ever before, it's essential to support non fiat correlated assets like physical gold in the midst of zero interest rates and unprecedented global inflation," says Alex Mashinsky, CEO of Celsius Network. "At Celsius, we're always finding new ways to earn yield for our customers and provide them with ways to diversify away from fiat denominated assets which comprise over 95% of what most of us own. Our crypto and gold interest income offerings ensure that everyone who wants to be part of the next financial revolution has the opportunity to get in at the ground floor."
"Tether Gold's addition to Celsius's market-leading platform is a great endorsement of our platform, and will enable our growing customer base to earn interest on their holdings from Celsius," said Paolo Ardoino, CTO at Tether. "In these times of economic uncertainty and seemingly endless quantitative easing, we are seeing growing demand for Tether Gold. We anticipate a ready appetite for holding Tether Gold on such a rewarding and innovative platform."
XAU₮, which currently has a market capitalization of approximately $84 million, combines the best of three distinct worlds: ownership of physical gold which is intended to provide direct exposure to the price of gold, the ease of accessibility of traditional assets such as Exchange Traded Funds (ETFs) without the fees, and the transactional utility and interest income of a digital token. XAU₮ removes a great deal of friction and cost associated with owning gold and is tradable 24/7/365. While the underlying physical gold will remain in the custodian's vaults, XAU₮ will facilitate key economic qualities of gold – such as ownership and value – to flow seamlessly around the world.
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
About Tether Gold
XAU₮ is a digital asset offered by TG Commodities Limited. One XAU₮ token represents one troy fine ounce of gold on a London Good Delivery gold bar.
Holders of XAU₮ obtain the combined benefits of both physical and digital assets. XAU₮ token holders will be able to enjoy ownership of gold while avoiding drawbacks associated with physical gold, such as high storage costs, limited transferability and limited accessibility.
Today, Tether Gold (XAU₮) offers zero custody fees and has direct control over the physical gold storage, safely held in a Switzerland vault, adopting best in class security and anti-threat measures.
For more information on XAU₮, please visit: https://gold.tether.to/
This press release is not an offer to sell or the solicitation of an offer to buy XAU₮. TG Commodities Limited will only sell or redeem XAU₮ pursuant to its terms of sale and service available (as of the date of this press release) at gold.tether.to/legal.
Certain statements in this press release may be forward looking in nature. The words "believe," "expect," "estimate," "could," "should," "intend," "may," "plan," "seek," "anticipate," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date the statements were made. The matters discussed in these forward-looking statements are subject to a number of risks, trends and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements. Neither TG Commodities Limited nor any other person is responsible for updating or revising any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Media Contact for Celsius:
Senior Account Executive, Ditto PR
Media Contact for Tether Gold:
Senior Public Relations Manager
SOURCE Celsius Network