Celsius Network

Celsius Network, the company behind the Celsius app, currently supports 12 stablecoins. All of the stablecoins will be eligible for up to 15.89% APY that will be distributed weekly. Unlike traditional institutions, Celsius is creating an environment where investors can earn significant yield, despite a low interest rate environment. 

The Celsius Network is the biggest crypto rewards platform. On August 26, 2020, they announced that they had increased the reward rate from 11.55% to 15.89% APY. Users of the Celsius app can earn up to 35% more on their stablecoins if they opt to receive rewards in the native CEL token. They will also see the boost if they opt to receive rewards in-kind at the rate listed on the app.

About the Celsius Platform

The Celsius platform supports 12 stablecoins that are pegged to various global fiat currencies. With the stablecoins, users can earn double-digit yields via the platform. The platform currently offers the highest rates on stablecoin holdings because of growing demand for these digital assets.

It generates revenue via institutional and retail lending and around 80% of its revenue goes back to the community members that hold their crypto on the platform. The Celcius app also supports purchases of USDC and other digital assets using SEPA and ACH. They can then begin earning on their stablecoins immediately with payouts being made every week. The app currently offers the lowest rates for ACH purchases at just 0.1%.

Crypto Lending

Besides holding crypto on Celsius to earn rewards, users can also borrow fiat currencies using the stablecoin holdings as well as 20 other digital coins such as ETH and BTC. The rate for borrowing on Celsius can be as low as 1% APR.

According to Alex Mashinsky, the Celsius Network CEO, stablecoins are a bridge between the crypto and fiat world for most of their customers. When users opt to convert their fiat dollars into stablecoins, they can earn over 100 times what they would get through legacy financial institutions.

What is The Celsius Network?

The Celsius Network was created to deal with the financial needs of consumers across the world. They do so by offering rewards for holding crypto on the platform. Besides that, they offer low-cost loans that are easily accessible via the mobile app. 

The Celsius Platform was built on the belief that the financial sector should be designed with the best interests of depositors in mind. Celsius operates as a blockchain-based platform where members can access curated financial services, which are hard to access or unavailable in the legacy financial system. 

The Rise of Crypto Lending Platforms

The crypto lending industry has been growing steadily in the recent past. Platforms such as Nexo have become popular with borrowers. A major reason for this is that these platforms allow users to access quick loans without having to lose their crypto holdings. Once users pay back the loan, they receive their crypto holdings back.

Another reason why they are so popular is that they eliminate the complexity of getting access to loans. In the traditional banking sector, accessing a loan requires one to sign numerous documents and pay huge processing fees. The crypto lending sector is still young but it is showing a lot of promise.

Image Source: Celsius Network Twitter

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

You May Also Like
XRP Price

XRP Price Analysis – Technicals Show A Potential +32% Rally

XRP price looks like it could be setting up for a +32%…

LoginID Brings Cryptographic Authentication To Crypto And Blockchain Companies

LoginID recently announced that several new partners would incorporate their Strong Customer…
payday loans

Using Payday Loans to Your Advantage

Payday loans are a helpful resource during times of financial strain. When…

Why MimbleWimble GRIN Coin Could Be a Game Changer

Photo Credit To Jim Sabogal Via Flickr About MimbleWimble The MimbleWimble project…

Are Central Bank Digital Currencies The Threat To Cryptocurrencies?

There have been many news stories covering central bank digital currencies in…

Podcast Host Who Got Scammed For Over $113,000 In Crypto Receives Help From Binance CEO

Changpeng Zhao, the CEO of Binance, recently offered to assist a victim…

What You Need to Know About Justin Sun’s Hostile Takeover of Steem

A few days ago, we reported that Steem witnesses had conducted a soft…

UNICEF Becomes First UN Organization to launch the Cryptocurrency Fund

The United Nation’s biggest organization, UNICEF recently launched cryptocurrency fund, aims at…
NFL’s New York Giants Partner With Grayscale Investments

NFL’s New York Giants Partner With Grayscale Investments

Grayscale Investment, the biggest crypto asset manager globally, and the New York…

Elon Musk Explains Bitcoin to J.K. Rowling, Condemns the Fed’s Stimulus Package

Recently, J.K. Rowling, the author of the Harry Potter book, took to…