Cryptocurrency loan platform, Celsius Network has announced that the value of its crypto loans has reached $4.25 billion in total.
Based on a press release, the Celsius network saw a 93% increase compared to August 2019. Additionally, the Celsius network also gained $450 million from customer deposits. And collateral from loans under management. Thus, it has seen a 50% increase in comparison to August.
The cryptocurrency loan platform also revealed it paid its users $5 million in interest payments. This equates to 66% more than the sum of $3 million paid in August 2019.
CEO of Celsius platform, Alex Mashinsky commented on the development. He explained that Celsius gives back 80% of loan interest to depositors with no minimums. Also excluding caps, fees or penalties. Additionally, he said that the incredible growth rate points out that there’s a high demand for lending platforms that put the needs of depositors first.
Importantly, the cryptocurrency loan company also boasts of over 50,000 users from over 150 countries. Close to 150 institutions fall amongst its customers.
To remind, the service’s launch took place in July 2018.
About the Celsius cryptocurrency loan network
Celsius Network is a blockchain financial company with a multifaceted platform. The network members get the opportunity to make crypto deposits and get attractive revenue by lending their funds.
Besides, members also earn a 10% Annual Percent Return (APR) from the platform, using a wide range of cryptocurrencies. Additionally, the platform’s biggest benefit revolves around the fact that the platform doesn’t keep profits like banks. In this case, the users get evenly distributed amounts.
To remind, Litecoin Foundation started the Celsius Network by lending its funds, using the blockchain-based Celsius platform. The crypto community considers it a good achievement for Celsius as the network automatically grabs the attention of the robust Litecoin community.