Celsius Network, a crypto lending and borrowing platform, on Thursday, announced that it would offer compounding interest to its members holding CEL tokens at a rate of three percent per annum.
The official announcement detailed that US-based customers of the company will be automatically enrolled in the program while non-US customers will have the option to opt for the newly launched compounding interest program as Celsius already offers its non-US customers to earn up to 30 percent more interest income on non-CEL token deposits.
Commenting on the program, Alex Mashinksy, founder and chief executive of Celsius Network, said: “We want to make sure that everyone using Celsius is getting the full suite of benefits possible, but we also have to make sure that we are doing it in the right way. Our recent pause and reintroduction of the CEL token to US users shows our dedication to the community, and making sure they have a seamless experience…and hopefully a profitable one!”
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Bringing borrowers and lenders together
Founded in 2017, Celsius Network offers a decentralized lending platform that allows customers of stablecoin issuers, exchanges, and wallets to earn up to ten percent interest on their crypto-shares.
In addition, it allows clients to access several services such as instance depositing digital assets in the Celsius wallet and using their cryptocurrencies as collateral to get fiat loans.
The company also detailed that it will fund the interest on the CEL token deposits from its existing treasury which it maintains with the spread from the loans issued from the network. The company also revealed that it is aiming to give back 80 percent of its earnings back to the project’s community.
Earlier this month, Celsius partnered with Roger Ver’s Bitcoin.com to integrate his crypto trading platform, enabling its users to buy BCH, BTC, ETH, and other mutually supported cryptocurrencies.