Celsius Network, a cryptocurrency lending, and borrowing platform, recently announced that more than 50,000 BTC have been deposited into Celsius apps since its launch in August 2018. This latest milestone comes just months after Celsius reported crossing 20,000 BTC deposits in its first year.
Founded in 2017, Celsius claims it addresses the financial needs of today’s consumers worldwide through a democratized interest income and lending platform accessible via a mobile app.
“Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions.”
Celsius previously reported that since its platform’s launch, it has continued to lower its loan requirements to support its mission of providing fair and transparent financial services to crypto holders worldwide. Celsius further revealed under current market conditions, the BTC deposited into its platform equals more than $380,000,000 in USD. The company attributes its increase in BTC deposits to its record growth, which is currently on track to outperform 2019 by over 60%, and over the last several months, Celsius has experienced all-time highs in both app downloads and depositors acquiring nearly 100,000 active users to date.
Celsius further noted that its members can earn up to 10% APY on 25 of the top cryptocurrencies, and BTC holders can earn the highest returns in the industry on their Bitcoin deposits with rates up to 7.27% APY on the Celsius platform. Adding to its record growth, Celsius’ other recent achievements include:
- Over $6.2 billion worth of coin loans originated since July 2018
- Over $794 million AUM in customer deposits and collateral from loans
- Over 160,000 lending transactions.
- Nearly $11 million in interest payments distributed
- Over 91,000 active users
- More earnings in BTC and ETH than all its competitors combined, returning up to 80% of its revenue to depositors
Speaking about the milestones, Celsius Network’s CEO, Alex Masinsky, added:
“During these times of instability and uncertainty, the use case for Celsius has never been stronger. Celsius has experienced tremendous growth, accelerating in March and April despite COVID-19.”