Crypto lending startup Celsius Network unveils compounding interest for crypto holders
Celsius Network, a cryptocurrency lending platform that lets you earn interest on your crypto and instantly borrow against it, today unveiled compounding interest for its crypto holders. Beginning this fall, Celsius customers will have an array of new CEL utility options plus two options to utilize their CEL tokens. Users will earn 3% per annum interest paid on a weekly basis on their total CEL balance (that means interest on interest, too!) or earn up to 30% more interest on non-CEL deposits in CEL tokens at rates determined by theirr loyalty level.
US-based customers will be automatically enrolled in weekly compounding interest on CEL tokens while Celsius users located outside the US have the option to earn interest on CEL tokens or continue to take advantage of Celsius’s current international offering – earning up to 30% more interest income on non-CEL deposits paid out weekly in CEL tokens.
Interest on CEL tokens is funded by Celsius’s token treasury. Celsius issues dollar loans by converting CEL into USD and generates revenue through loan interest payments. As with all other coins supported on the platform, Celsius distributes up to 80% of this income back to its community of CEL depositors.
“Our community comes first,” said Alex Mashinksy, CEO and founder of Celsius Network, “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!”
Currently, nearly 30% of all Celsians already choose to earn weekly interest in CEL. Over 93% of CEL token holders have grown or maintained their CEL balance without withdrawing. Celsius Network has distributed over 5 million CEL tokens to date to our community of depositors earning in CEL 10,000+ depositors entrusting Celsius with over $350 million worth of coins
Celsius Network was founded in 2017 by Alex Mashinsky and S. Daniel Leon. It lets you earn interest on your crypto and instantly borrow against it. That startup has built a next generation of decentralized lending and borrowing products leveraging cryptocurrency. Celsius Network addresses the financial needs of today’s consumers worldwide through a high interest income and low cost lending accessible via a mobile app.