Celsius, a centralized cryptocurrency lending platform, claims to have paid out over $250 million in rewards to its 415,000 customers, underscoring
Celsius, a centralized cryptocurrency lending platform, claims to have paid out over $250 million in rewards to its 415,000 customers, underscoring the fast development of blockchain lending protocols.
Celsius introduced the milestone in a Monday press launch, which highlighted the corporate’s vital development over the previous two years. “Celsius stays one of many fastest-growing firms in finance because it achieves new milestones week-over-week,” the corporate mentioned.
Not like DeFi protocols, Celsius gives a centralized different that lets customers deposit crypto property onto its platform. The deposited property are lent out to exchanges and market makers, with the overwhelming majority of curiosity funds distributed to depositors.
By Nov 2020, Celsius had paid out greater than $80 million in crypto rewards to depositors. That determine seems to have greater than tripled, primarily based on Monday’s press launch.
Celsius customers have the flexibility to earn weekly rewards of as much as 18.5% APY on over 40 crypto property. The corporate now manages over $eight billion in cryptocurrency property.
Alex Mashinsky, Celsius’ co-founder and CEO, mentioned:
“Celsius was constructed to behave in the most effective curiosity of the group, and we now have constantly delivered trustworthy, clear, and rewarding monetary companies.”
The continued development of Celsius helped land Mashinsky a spot within the Cointelegraph Prime 100 for 2021. Mashinsky not solely helped put Celsius Community on the map in 2020, however he was instrumental in securing a further $20 million in crowdfunding from over 1,000 traders. The platform’s native token, CEL, vastly outperformed most main cryptocurrencies final 12 months.