Cryptocurrency lending platform Celsius Network has topped $300 million in coin deposits in 12 months and over $2 billion in loans.
Cryptocurrency lending and borrowing platform Celsius Network has topped $300 million in coin deposits in the course of 12 months and completed over $2 billion in coin loan origination, according to a press release published on Aug. 1.
“Fastest growing lending platform”
Since July 2018, when the Celsius started lending operations, it has originated more than $2.2 billion worth of coin loans and surpassed $300 million AUM in customer deposits and collateral from loans under management. In total, Celsius has completed over 160,000 coin loans trades and distributed over $3 million in interest payments.
As the company further explains, its customers may earn interest by transferring their coins to their Celsius Wallet and borrow United States dollars against their cryptocurrency collateral. The release also reveals:
“Celsius paid more in earned BTC and ETH than anyone returning up to 80% of its revenue to depositors, compared with Binance BNB returning 20% of profit as buyback and Nexo distributing 30% as a dividend.”
Cryptocurrency lenders gain traction
As reported last September, Celsius became the manager of the Sustainable Development Goals Impact Fund (SDG Impact Fund) within the United Nations’ Sustainable Development Goals initiative. Within the partnership with Fifth Element, Celsius Network reportedly looked to “bring power back to the people” by providing banking services typically reserved for top tier asset owners.
Recently, Bitmain co-founder and former CEO Wu Jihan officially launched a new crypto trading platform dubbed Matrixport that purportedly offers over-the-counter trading, lending and custody.