Home Cryptocurrency News Product Release & Updates Celsius Network’s BTC Deposits Cross $380M

Celsius Network’s BTC Deposits Cross $380M

In spite of the on-going financial declivity, Celsius Network’s performance in the last few months has been phenomenal

Celsius Network grows

As a peer-to-peer (P2P) lending company facilitating borrowing and lending of cryptocurrencies, Celsius Network has come a long way. And in a recent press release, the platform announced receiving over 50,000 Bitcoin (BTC) deposits in the last 20 months.

As a matter of fact, between August 2018 and August 2019, Celsius Apps recorded deposits of close to 20,000 BTC. However, since Q3 of 2019 to date, the platform has witnessed all-time high deposits amounting to be over $30,000.

Operating in contrast to the legacy banking model, Celsius Network is a fair, rewarding, and transparent interest-earning platform. And this has attributed to the phenomenal growth of the network in 2019. Undeterred by the economic downturn imposed by COVID-19, the company’s BTC deposits are breaking records.

Moreover, the team believes that the all-time high BTC deposits follow the remarkable growth curve of the company in 2020. And it has already outperformed 2019 by over 60%.

Over the last several months, the platform has experienced unprecedented highs in unique depositors and app downloads. Precisely, it has acquired 100,000 active users to date. With this, it is now a big family of 91,147 community members who put in their complete trust into the platform.

Celcius Network Grows in 2020

Source: Celsians.com

Why do interest seekers love Celsius?

Celsius Network is one leading platform that serves its consumers what they exactly need. As a mobile app-based democratized interest income and lending platform accessible across the globe, there is more to Celsius that makes it the top choice.

  • The annual percentage yield (APY) for the top 25 currencies on Celsius Apps is up to 10%.
  • The APY for BTC holders is up to 7.27% which is quite high in comparison to competitors.

The Celsius Network family is in a continuous growth path. In the words of the CEO, Alex Mashinsky, “During these times of instability and uncertainty, the use case for Celsius has never been stronger. Celsius has experienced tremendous growth, accelerating in March and April despite COVID-19.”

Just a while ago we interviewed Alex about his perspective on the next Bitcoin rally. Check out his video interview on Altcoin Buzz YouTube channel.

More significant achievements

Since July 2018, the network has been responsible for over $6.2 billion worth of coin loans and has distributed $11 million in interest payments. On top of that, the platform has returned 80% of its revenue to the depositors asserting its transparency towards its community.

Previously, we covered the Celsius Network partnering with Chainlink to promote transparency with help from the Oracle network provider.

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