Celsius Network, a cryptocurrency lending and borrowing platform, announced on Wednesday it has increased interest rates for stablecoin deposits to 12.03% APR. According to Celsius, users who choose to earn interest in the platform’s blockchain-based CEL token can earn up to 30% more than the 9.25% depositors who are paid in-kind on their coins.
“The Celsius Network platform currently supports 6 stablecoins: PAX, DAI, USDT, TUSD, GUSD, and USDC. In addition to earning interest on stablecoin deposits, users can also request a BTC collateralized loan issued in stablecoins for the lowest rates available, starting at 4.95% APR. These are available to all users through the mobile app. Celsius’ low rates are powered by its earned returns on the collateral provided.”
Speaking about the APR increase, Alex Mashinsky, CEO of Celsius Network, stated:
“Stablecoins provide a necessary alternative to banking hours and 5 day work weeks banks imposed on us. Stablecoins increase the velocity of money and fungibility of value on the blockchain, and that enables us to earn more for them from borrowers all over the world. By offering high interest income on stablecoins, Celsius enables anyone to earn 10x more on their dollars than they ever could at a traditional bank.”
The increase comes just days after Celsius Network announced it has on-boarded more than 100 institutional clients during the first half of 2019. The platform confirmed that in order to use its services, institutions must complete a rigorous KYC and AML application and evaluation process.