Summary
Celsius Network is a crypto lending and borrowing platform that recently raised $20 million in its latest funding round. The company aims to disrupt traditional banks by offering fair interest rates, no fees, and providing users with 80% of its revenue. Celsius Network plans to use the funds to expand its services, attract more users, and further develop its blockchain-based platform.
Key Points
1. Celsius Network is a decentralized lending and borrowing platform that allows users to earn interest on their cryptocurrency holdings. By depositing their digital assets into the Celsius wallet, users can earn up to 10% annual interest on their holdings.
2. The platform offers a unique feature called Celsius Rewards, where users can earn additional interest by receiving their interest payments in the native CEL token. This incentivizes users to hold CEL tokens, which can further increase their overall returns.
3. Celsius Network also provides loans against users’ cryptocurrency holdings, allowing them to borrow fiat currency or stablecoins while using their digital assets as collateral. This feature provides users with additional liquidity without having to sell their cryptocurrencies, enabling them to take advantage of investment opportunities or meet short-term financial needs.