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Users can earn interest on their cryptocurrency holdings or borrow cryptocurrencies in exchange for their digital assets via the Celsius Network, a platform for lending and borrowing cryptocurrencies. Alex Mashinsky, a well-known businessman and inventor in the telecoms sector, established the platform in 2017.
Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies are available at attractive interest rates through Celsius Network. Users can receive interest on their assets either weekly or monthly, and Celsius’ interest rates are often greater than those of conventional banks or other cryptocurrency exchanges.
Users of the Celsius Network can borrow cryptocurrencies at low interest rates in addition to earning interest on their existing cryptocurrency holdings by pledging their existing cryptocurrency holdings as security. The website provides quick and simple loans in a variety of cryptocurrencies and fiat currencies.
Due to its high interest rates and user-friendly interface, Celsius Network has grown in popularity among cryptocurrency investors and traders. The business is renowned for its dedication to security and transparency, with all user assets being kept in cold storage and insured against loss or theft.
What is Celsius Network?
Celsius Network is a cryptocurrency plastic platform based on blockchain. It is the one that gives its services along with 2017 and also today’s period is considered the favorite in the place.
Celsius Network, a cryptocurrency plastic platform, gives a variety of economic services. In the main, it is familiar with that it gives bitcoin loans according to the most profitable rates. The platform also has its personal cryptocurrency token (CEL), which is described in more detail in this review. Together with 2018, the increase of the platform as well as CEL tokens has been outstanding. The founders of the platform are considered Together. Daniel Eugene, Alexander Mashinsky as well and Nuke Goldstein, who manage the platform from London, England. According to the caprice in 2020 time the company has safely interested approximately one hundred million dollars of investment money.
According to the speeches of Alexander Mashinsky, today the period of Celsius Network is set in the formation of cryptocurrency lending in the United States of America. The North American exchange will be able to help it by providing instant access to cryptocurrency plastic tools. In addition to this, the platform will be able to help traders extract inactive interest-bearing profits. The final task of the platform is to make Bitcoin loans rearrangeable on a massive scale and also to provide the opportunity to use them as money to unlock commerce.
The history of Celsius Network
Celsius Network was founded in 2017 by Alex Mashinsky, a serial entrepreneur and inventor in the telecommunications industry. Mashinsky has over 30 years of experience in the tech industry, and he is the inventor of several patented technologies, including Voice over IP (VoIP).
The idea for Celsius Network came about as a result of Mashinsky’s frustration with the traditional banking system and its low interest rates. He believed that there was a better way for people to earn a return on their money, and he saw an opportunity to disrupt the banking industry using blockchain technology.
In June 2018, Celsius Network launched its mobile app, which allows users to earn interest on their cryptocurrency holdings and borrow cryptocurrencies against their crypto assets. The platform initially offered interest rates of up to 5%, which was significantly higher than the rates offered by traditional banks.
Since then, Celsius Network has grown rapidly, and as of 2021, it has over 1 million users and manages over $20 billion in assets. The platform has continued to expand its offerings, adding new cryptocurrencies and fiat currencies, as well as new features such as crypto-backed loans.
Celsius Network has also received several rounds of funding, including a $50 million Series C funding round in April 2021, which brought the company’s valuation to over $3 billion. The company has been recognized for its innovative approach to finance, and it has won several awards, including the 2020 Blockchain Innovation Award from the Blockchain Association of Africa.
How Celsius Network works
Users can earn interest on their cryptocurrency holdings or borrow cryptocurrencies in exchange for their digital assets via the Celsius Network, a platform for lending and borrowing cryptocurrencies. This is how it goes:
Interest accrual
- The Celsius Network app accepts cryptocurrency deposits from users.
- These cryptocurrency are lent by Celsius Network to institutional borrowers like hedge funds or exchanges at a higher interest rate.
- The users that have deposited their cryptocurrencies are given a portion of the interest collected by Celsius Network. The cryptocurrency and the deposit term affect how much interest is paid.
Cryptocurrency borrowing: Users can borrow other cryptocurrencies or fiat money through Celsius Network by pledging their existing cryptocurrencies as security.
- Loan amounts are determined by loan-to-value (LTV) ratios specified by Celsius Network and the value of the collateral.
- The type of cryptocurrency and the loan’s duration affect the interest rate.
Other features offered by Celsius Network include:
- Celsius Pay is a peer-to-peer payment platform that enables free cryptocurrency and fiat currency sending and receiving.
- A non-custodial wallet that enables users to safely store their cryptocurrency is called Celsius Wallet.
- Celsius Loyalty Program: A rewards scheme that rewards holders of the native cryptocurrency of Celsius Network, the CEL token, with better interest rates and other advantages.
Celsius Network aims to provide users with a simple and transparent way to earn interest on their cryptocurrencies and access loans using their existing crypto holdings as collateral. The platform’s user-friendly app and competitive interest rates have made it popular among cryptocurrency investors and traders.
Celsius Coin
The Celsius coin (CEL) is considered a necessary component of the platform’s numerous functions. This token can be obtained from key cryptocurrency exchanges, received as a betting interest, or purchased through Celsius Buy. In the presence of transactions in the required amount of more than 5 thousand dollars can be used subsidized price in the presence of purchase directly from the company through an independent OTC dealing base.
Any Friday the platform performs burning tokens CEL, equal to 10% with weekly profitable income buyers. This degree prevents stagnation of the value economy and also guarantees appropriate compensation to traders because of the bets made.
Borrowing
As well as every other banking concept, Celsius gives a sum about the guarantee of cryptocurrencies. These sums are interesting for traders because you do not have to pay taxes associated with them. However, again, in the case of cryptocurrency loans Celsius as a deposit is your cryptocurrency. In addition, you do not need to undergo any credit control, and the debt is allocated either in cryptocurrency or in every other fiat security. In addition, for the basis of the activity is in no way necessary virtually no fees due to the issuance of credit.
The most frequently mentioned problem about Celsius loans is the profit rates. Profit rates on Celsius loans range from 0.75% up to 8.95%. The lowest rates are readily available to platinum degree users and also only to those who apply CEL and not Fiat. Loan terms are also formalized for 6, 12, 24 and 36 months.
The profitable amount is also dependent on the Loan-To-Value (LTV), which means the share of your crypto assets that you want to borrow. In the presence of the most significant LTV profitable amount earlier, however, usually a minimum guarantee is required.
Celsius Network Mobile App
Celsius is only a mobile add-on, for this reason, all the efforts of the creators are oriented in this case without exception to make it very conscious and comfortable for the user. You will be able to get access to absolutely all offers and functions that Celsius gives, directly from your phone.
The main dashboard has a comfortable as well as clear view: a single balance of immensely as well as a single profit in the top component, as well as easy-to-understand graphs representing the increase of any cryptocurrency in the wallet.
Celsius Network Security
Let’s take a closer look at the fact that Celsius Network provides the most effective risk management and also has a significant level of information security and safety. It has acquired the ISO/IEC 27001 certificate of security.
Deposits
To replenish your cryptocurrency wallet, there are 2 methods of replenishment. You can either get coins through the platform with the support of the “Buy” function or directly move tokens together with another exchange or wallet.
When purchasing cryptocurrency through the platform, the consumer can choose the only payment method – card or bank transfer. The agent will try to provide you with the best directions in this period and also clearly indicate the commission for the transaction in the amount of 3.5% (or 2.99% for traders from England and EEA countries). Absolute processing of the depot, made with the support of the Buy method, can take up to 24 times.
The introduction of cryptocurrency into the “native” wallet can be simplified due to the result of the application of a QR code for rapid and clear identification of the wallet address. Even though the platform does not charge a commission for the expansion of the amount, in the presence of the transition can be charged gas duties or network costs.
In the presence of deposit immeasurable make sure that the line holds the token that you want to move; Binance Smart Chain contracts are not held in any way, as well as transactions must be realized in its token platform.
Withdrawals
Buyers have all chances to extract cryptocurrency in the required amount up to $ 600 000 within 24 times, the presence of this special commission for the conclusion and blue fuel is not charged in any way. But present money resources are unrealistic, as today’s period in the platform has no chance to realize cryptocurrency because of fiat currency. Buyers seeking to realize their tokens must move their resources to another exchange.
Supported Coins
The Celsius Network line holds 52 cryptocurrency tokens in a single difficulty. This number includes 12 stable coins, including USDC, USDT as well and BUSD, 3 Amber Tracker tokens as well and thirty-seven cryptocurrencies like BTC, XLM, XRP, ADA as well and MATIC.
Traders have a chance to have all these coins, including Bitcoin and Tether, to extract %, and almost all of them have a chance to be used as a deposit according to loans. However certain of these tokens are not available for purchase on the Celsius platform and must be moved to other exchanges.
Does Celsius Network charge a fee for its services
Yes, Celsius Network charges fees for its services. Here are some of the fees charged by the platform:
- Deposit fees: For some cryptocurrencies, Celsius Network levies a deposit fee of up to 0.1%.
- Fees for withdrawals: Depending on the cryptocurrency, Celsius Network may charge a withdrawal fee for specific cryptocurrencies.
- Loan origination fees: For some loans, Celsius Network levies a 3% loan origination fee.
- Early termination fees: Celsius Network reserves the right to impose a fee if a user decides to discontinue their loan early.
- Network fees: For some transactions, such taking cryptocurrency out of the platform, Celsius Network may levy network fees.
It’s worth noting that Celsius Network’s interest rates are typically higher than those offered by traditional banks, and the platform offers many features and benefits that are not available from traditional financial institutions. Additionally, the platform is transparent about its fees, and users can view all fees in the Celsius Network app.
FAQ
Is the Celsius network safe?
Undoubtedly, you will want to use a safe and secure place to store your cryptocurrencies. Whenever we choose to store our funds, whether fiat or cryptocurrency, we want to make sure we are in safe hands. When choosing any financial platform, be it cryptocurrency or fiat, we recommend that you do your due diligence. It’s worth noting that Celsius was the very first cryptocurrency yield provider. Today, it has the largest assets under management of any consumer-facing cryptocurrency provider, with over $10 billion in assets under management.
Is the Celsius Network regulated?
Yes, the Celsius Network is regulated by New York-based regulator GMO Internet Group, which is a subsidiary of Japan-based Financial Service and Internet Group. The network is also successfully registered under the Anti-Money Laundering, Anti-Terrorist Financing, and Money Transfer Regulations 2017 to check for any illegal activities such as money laundering.
Does Celsius Network have an app?
Yes, Celsius Network has both smartphone apps and dynamic web apps. The web app allows users to access and enjoy Celsius from any device. With the app, users can manage cryptocurrency portfolios and earn compounding rewards of up to 15% APY in any form including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), etc. You can buy, send, earn, or withdraw tracked cryptocurrencies in no time.
How do I contact Celsius Network support?
You can contact the Celsius Network support team through the phone numbers listed on the official website. Both UK and US numbers are listed on the website. You can also contact the support team by sending a message and other details on the Contact Us page of the website.
