What is Celsius Network?
Celsius Network is a P2P lending platform allowing users to borrow and lend cryptocurrencies. The system is based on the Celsius Network native token, CEL.
By using their cryptocurrencies as collateral, borrowers can easily have access to fiat currencies with a small interest rate without the need to sell their cryptocurrencies.
Lenders are paid an interest rate for the cryptocurrency that was deposited in their Celsius Network wallet.
How does it work?
Users can earn interest by depositing cryptocurrencies into Celsius Network. The interest is paid weekly and users have the option to withdraw at any time. To make things better, users are not charged whenever they deposit or withdraw funds.
Users can also earn “Bonus Interest” through the Celsius Loyalty Rewards. For example, if the overall wallet balance has 15% in CEL tokens, users will be deemed as a Platinum Celsius member, thus obtaining a 35% Bonus Interest and 30% Loan interest discount.
Is it safe to store your cryptocurrencies with Celsius Network?
To protect assets that are deposited in the platform’s cold wallet, Celsius Network has partnered with BitGo. Through this, BitGo will cover any losses by offering up to $100 million in insurance for these assets.
Celsius Network was founded by Alex Mashinsky in 2017. The company exists based on the fundamental idea of decentralization by allowing people to unbank themselves and substituting the existing financial structures with a new model.
To learn more Celsius Network, you may watch an interview of Alex Mashinsky by Altcoin Buzz below: