Bitfinex has expanded its partnership with Celsius, a cryptocurrency lending and borrowing platform, having listed the CEL Token on the exchange platform.
The listing gives CEL holders the option to trade its tokens using fiat or cryptocurrency. CEL gives users access to the Celsius Network community, acting as a membership token. It allows holders to benefit from lower interest rates on coin and fiat loans, higher earned interests on non-CEL deposits and a cashback rewards program.
Celsius’ native token has seen significant growth, which was traded in early January at a new all-time high of $6.38, and is part of the Coinmarketcap’s top 70 list.
In a push to engage more investors Bitfinex entered into a collaboration with Celsius Network last year to enable its customers to earn returns on their crypto holdings.
Bitfinex users can leverage their funds to generate annual returns under the partnership between the popular exchange and the crypto lender.
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Under the terms of the collaboration, Bitfinex customers can directly create a wallet with Celsius and manage it without leaving the crypto platform. They are additionally allowed to withdraw their crypto from Celsius at any time, with no lock-in periods and no fees on deposits or withdrawals.
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Interest is being accrued daily, compounded and paid by Celsius at weekly intervals, and users have the option to auto-renew for additional periods after their initial term expires.
While speaking about the listing, Alex Mashinsky, CEO of Celsius, stated: “This is a very exciting day for the CEL token. We’re proud to be collaborating with Bitfinex to make the CEL token even more accessible to millions of customers around the world. Together we have the shared mission of creating a better financial future for everyone, and we’re now one step closer to bringing the next 100 million people into the future of finance.”
Further, Celsius is expecting the new listing to bring more liquidity to its platform. The startup lends the assets to miners, investment funds, retail investors and other digital asset companies ‘on a guaranteed and collateralized basis’.
Furthermore, the crypto lender allows clients to access several services, such as instant depositing of digital assets in the Celsius wallet and using their cryptocurrencies as collateral to get fiat loans. 80% of returns from these entities are passed on to the holders, the company says.