Breaking the Bank: Celsius Network’s Impressive Milestones
Celsius Network has made quite the splash in the cryptocurrency lending and borrowing scene, boasting over $300 million in coin deposits within just a year! If you think your piggy bank is impressive, wait until you see what Celsius is doing. The platform has also dished out more than $2 billion in coin loans. That’s some serious pocket change for the blockchain world!
A Fast Lane for Lenders
Since kicking off its lending operations in July 2018, Celsius has been on a metaphorical jet ski, shooting past major milestones. To date, they’ve originated more than $2.2 billion in loans and built an impressive pool of over $300 million in assets under management from customer deposits. And it doesn’t stop there—Celsius has facilitated over 160,000 coin loan trades and has rewarded its users with over $3 million in interest payments. Talk about a win-win!
What’s in it for the Users?
Celsius isn’t just about making big bucks for itself; it’s also about sharing the wealth with its users. When customers deposit their coins into a Celsius Wallet, they earn interest on their holdings. Plus, they can borrow good old United States dollars against their cryptocurrency collateral. Goodbye traditional banking woes, hello crypto convenience!
Placing Users First
According to the company’s press release, Celsius outshines its competition when it comes to earning potential. They’ve reportedly paid out more in earned BTC and ETH than anyone else in the game, returning up to 80% of their revenue to depositors. By comparison, Binance’s BNB hovers around 20% for buybacks, while Nexo offers a mere 30%% as dividends. It’s a clear indicator that Celsius is all about putting money back in the pockets of its users!
Crypto Lenders Are on the Rise!
It seems the lending platform craze is just getting started. Last September, Celsius joined forces with the United Nations as the manager of the Sustainable Development Goals Impact Fund (SDG Impact Fund). This collaboration aims to empower individuals by providing banking services that are usually a privilege for top-tier asset owners. Now that’s a power move!
The Competition Heats Up
But with growth comes competition. Recently, Bitmain co-founder Wu Jihan stepped back into the spotlight with his new crypto trading platform, Matrixport, which offers over-the-counter trading, lending, and custody services. It’s safe to say the crypto landscape is evolving, and every player is vying for their share of the pie.
Final Thoughts
Celsius Network’s exponential growth and commitment to returning value to its users are features that stand out in the crowded marketplace. As the world of cryptocurrency continues to shift, it will be interesting to see if Celsius can maintain its competitive edge against emerging challengers like Matrixport.
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