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Celsius reports that it has doubled its cryptocurrency reserves to $ 2.2 billion in six months

November 10, 2020

The platform for borrowing and borrowing cryptocurrencies Celsius has announced that it has more than $ 2.2 billion worth of digital assets under management (AUM).

According to a November 9 statement Celsius more than doubled its net cryptocurrency six months after surpassing $ 1 billion in June.. In total, the platform has attracted more than 215,000 users worldwide.

Without your AUM, Celsius now has cash and domestic CEL tokens valued at more than $ 680 million on its balance sheet.

Celsius reports that it has doubled its cryptocurrency reserves to $ 2.2 billion in six months
Celsius reports that it has doubled its cryptocurrency reserves to $ 2.2 billion in six months

Celsius offers a centralized alternative to decentralized financing (DeFi), which much of the crypto community calls “CeFi”. The crypto assets deposited on the platform are loaned to exchanges and market markers, and 80% of the generated interest is distributed to depositors.

Since its launch in July 2018 Celsius claims to have paid more than $ 80 million to depositors.

In the announcement, the CEO and founder of Celsius, Alex Mashkinsky describes his company’s success as proof that “interest income is the new killer application of cryptocurrencies”..

“We have generated more sales for our customers than anyone at DeFi or CeFi, and we have no plans to slow down anytime soon.”

Last month, Mashinsky made headlines after giving his wife 15 million CEL tokens worth $ 20 million for her birthday.. Mashinsky remains the largest CEL holder despite the great gift, while his wife is now the fourth largest CEL whale.

In August, Celsius raised $ 20 million from around 1,000 investors as part of a capital increase on the cryptocurrency platform BnkToTheFuture.which led to speculation about the company’s solvency.

Last weekend, the competing cryptocurrency lending service Cred has filed for bankruptcy and listed liabilities at 10 times its assets, so users are unsure if they can get their money back from the platform..