Celsius, a cryptocurrency lending and borrowing platform, today said it has surpassed over $2.2 billion in total cryptocurrency deposits less than three years after launching its mobile app.
This announcement comes on the heels of Celsius saying earlier this year it has acquired more than 200,000 active users worldwide and became the first crypto platform to surpass $1 billion in total assets.
According to Celsius’ statement, the crypto app has paid more than $80 million in interest rewards to its community to date. Excluding assets held under management, the New York-based lending startup said its balance sheet, which includes cash and CEL tokens, is now over $680 million. Further, the company’s native CEL token has seen significant growth, now trading at a new all-time high of $1.88, and is also part of the Coinmarketcap’s top 50 list.
“Our incredible growth not just during the last year, but since Celsius was launched just over 2 years ago, proves that as we predicted, interest income is the new killer app for crypto,” said Alex Mashinsky, CEO of Celsius.
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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. Additionally, Celsius allows Ethereum holders to earn a rate of up to 9.65%.
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Celsius had raised $50 million worth of crypto in May 2018 through an ICO and said earlier this year, it has topped 50,000 Bitcoin in deposits since its launch two years ago.
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 instant depositing 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 holders, the company says.
Most recently, Celsius has come into a new collaboration with cryptocurrency exchange, Bitfinex. Under the terms of the collaboration, the integration allows Bitfinex customers to directly create a wallet with Celsius and manage it without leaving the crypto platform. Furthermore, they are 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.