Crypto Lender Celsius Now Offers Yields to Bitfinex Users
- With over 100,000 active users of its app, Celsius allows Ethereum holders to earn a rate of up to 9.65%.
Cryptocurrency exchange Bitfinex has come into a new collaboration with Celsius Network, a cryptocurrency lending and borrowing platform, that allows its customers to earn a return of up to 6.2% APY on Bitcoin.
In a push to engage more investors, Bitfinex users can now leverage their funds to generate annual returns under the new collaboration between the popular exchange and the crypto lender.
With over 100,000 active users of its app, Celsius also allows Ethereum holders to earn a rate of up to 9.65%.
The two companies revealed many details about the deal specifications. Under the terms of the collaboration, the integration will allow Bitfinex customers to 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.
Interest is being accrued daily, compounded and paid by Celsius at weekly intervals, and users will have the option to auto-renew for additional periods after their initial term expires.
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"Our integration with Bitfinex extends the mission and focus of both companies to bring the next 100 million people into the crypto community and do it while we do good before we all do well. Celsius's commitment to reward our users with 80% of the value we create is now available to all Bitfinex customers," said Alex Mashinsky, CEO of Celsius.
Further, Celsius is expecting the addition to bring more Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term 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'. It also allows clients to access several services, such as instance depositing digital assets in the Celsius wallet and using their Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term as collateral to get fiat loans. 80% of returns from these entities are passed on to holders, the company says.
Founded in 2017, Celsius Network offers a decentralized lending platform that allows customers of stablecoin issuers, exchanges and wallets to earn up to 10% interest on their crypto-shares. Earlier this year, it has topped 50,000 Bitcoin in deposits worth over $568 million since its launch two years ago.
Cryptocurrency exchange Bitfinex has come into a new collaboration with Celsius Network, a cryptocurrency lending and borrowing platform, that allows its customers to earn a return of up to 6.2% APY on Bitcoin.
In a push to engage more investors, Bitfinex users can now leverage their funds to generate annual returns under the new collaboration between the popular exchange and the crypto lender.
With over 100,000 active users of its app, Celsius also allows Ethereum holders to earn a rate of up to 9.65%.
The two companies revealed many details about the deal specifications. Under the terms of the collaboration, the integration will allow Bitfinex customers to 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.
Interest is being accrued daily, compounded and paid by Celsius at weekly intervals, and users will have the option to auto-renew for additional periods after their initial term expires.
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"Our integration with Bitfinex extends the mission and focus of both companies to bring the next 100 million people into the crypto community and do it while we do good before we all do well. Celsius's commitment to reward our users with 80% of the value we create is now available to all Bitfinex customers," said Alex Mashinsky, CEO of Celsius.
Further, Celsius is expecting the addition to bring more Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term 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'. It also allows clients to access several services, such as instance depositing digital assets in the Celsius wallet and using their Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term as collateral to get fiat loans. 80% of returns from these entities are passed on to holders, the company says.
Founded in 2017, Celsius Network offers a decentralized lending platform that allows customers of stablecoin issuers, exchanges and wallets to earn up to 10% interest on their crypto-shares. Earlier this year, it has topped 50,000 Bitcoin in deposits worth over $568 million since its launch two years ago.