Crypto lending startup Celsius Network acquires BSave to provide crypto HODLers with earning and rewards not available through traditional financial methods

The last time we wrote about Celsius Network was back in September 2018 when W. Scott Stornetta teamed up with founders of Celsius to bring the next 100 million people into cryptocurrency. Dr. Stornetta is considered to be one of the founding fathers of current blockchain technology. In Satoshi Nakamoto’s famous Bitcoin whitepaper, Dr. Stornetta  was one of the people referenced on page 9 of the whitepaper.

Celsius Network has experienced a tremendous growth since our last article.  Today,  the industry-leading cryptocurrency lending and borrowing platform startup announced it is has acquired BSave, one of the first digital platforms providing earned interest income on cryptocurrency. Celsius’s acquisition of BSave furthers its goals of stepping in where traditional banks have failed.

As part of the acquisition, Celsius will now have access to the yield generating algorithms originally developed by BSave, and will retain key talent, employees, and developers from the original BSave team. Additionally, the 45,000 pre-existing BSave members will join the Celsius platform, boosting the community and adding utility to the CEL token. Celsius is onboarding all former BSave members with $10 in CEL tokens to welcome them.

Founded in 2017 by Alex Mashinsky and S. Daniel Leon, Celsius builds 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.

Built on the belief that financial services should only do what is in the best interests of the depositor community, Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions. Crypto holders can earn interest by transferring their coins to their Celsius Wallet and borrow USD against their crypto collateral at interest rates as low as 4.95% APR or earn up to 10% on stable coins and other crypto coins.

“Following the acquisition, I am thrilled to say that I have decided to join the Celsius team and continue to provide my expertise so that we can make the future crypto-lending a reality,” said Steve David Bellaiche, CTO and Co-founder, formerly at BSave, “My twenty years of R&D experience, coupled with the already talented people behind Celsius, means that the stage is set for us to develop innovative fintech applications and technology.”

“Our acquisition of BSave was the next logical step in our goal of becoming the leading interest-earning platform for stable coins and cryptocurrency holders,” said Daniel Leon, Co-founder, President, and COO of Celsius Network. “We are providing our users with rates that all banks should already be providing their customers. If we band together as a community of HODLers, we can set the tone and demand higher rates. And that, in turn, will stabilize the market.”