According to reports, crypto revenue earning platform Celsius now holds more than 100 Bitcoins Company press release Released today. BTC accounts for about 25% of the total assets of the platform community.
Celsius temperature: in and out
Although Bitcoin was full of challenges in May, the company also reported that the number of users who flowed into BTC was more than twice the number of users who transferred out of BTC, with approximately 750,000 users worldwide. The company’s landmark 100K BTC holdings set a new high for the company.
The APY rewards for Celsius users vary, with US users usually ranging from 3.51% to 6.2%, depending on the amount of BTC in their account. Currently, international customers provide 4.4% APY for BTC in their Celsius accounts. In today’s release, the company noted that nearly 2,500 BTC of crypto rewards have been paid to customers.
The other side of Celsius’ business is through borrowing; the company does not provide initiation fees, no credit checks, simple refinancing options, and aggressive interest rates with US dollars and various stable currencies as borrowers. Crypto lending has recently become more and more popular and may improve the general liquidity and price discovery of many assets, but there are inherent risks.
Related Reading | Celsius Network’s CEL token is now listed on OKEx
In the fiercely competitive DeFi crypto lending field, Celsius continues to emerge, competing with well-known competitors such as Nexo and BlockFi. Aggressive interest rates are still the main sticking point for consumers. BlockFi is Currently available The annual interest rate of BTC interest and Nexo is 0.5% to 5% Currently offering 6% to 8% APY of BTC interest.The rates are usually variable and may fluctuate, and also depend on whether consumers redeem them through BTC or through the platform’s native machine coin. However, American consumers are generally unable to receive native token rewards.
Celsius' native token, CEL, is sitting at record high levels lately. | Source: CEL-USD on TradingView.com
What does it mean
Celsius started in 2017 and now seems to maintain a somewhat aggressive strategy to increase its position in the market, accumulating more than $5B of encrypted assets. The company continues to seek partnerships to promote growth, including recent partnerships with NBA athlete and crypto entrepreneur Spencer Dinwiddie, as well as increased conversations around the company’s upcoming web application.
In addition, the platform may also look for more business partners to promote growth. Last month, the platform cooperated with the global mobile-first encryption platform B21 Crypto. This enables B21 to launch a new “earning” feature that allows users in the company’s 82 different countries to access the weekly revenue service provided by Celsius to its consumers.The company has also further invested in similar partnerships that have already been established, including Cryptocurrency Exchange Liquid. Liquid is the first exchange to support Celsius native CEL tokens in 2019.
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