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Celsius’s DeFi platform reaches $ 1 billion in cryptocurrency deposits

June 6, 2020

The decentralized credit platform Celsius Network deposited a total of more than $ 1 billion in deposits cryptocurrencies since its launch in 2018.

Celsius claims it is returning 80% of your total income to your users and has so far paid $ 17 million in interest premiums, including $ 12 million in Bitcoin (BTC) and $ 3 million in their domestic CEL token.

Success through the pandemic

Platform growth it has been considerable in recent months although the coronavirus pandemic has an adverse effect in most companies.

Celsius’s DeFi platform reaches $ 1 billion in cryptocurrency depositsCelsius’s DeFi platform reaches $ 1 billion in cryptocurrency deposits

In March of this year Celsius CEO Alex Mashinsky announced his platform is the first cryptocurrency loan platform that has become profitable.

In order to further expand the user base, Celsius announced this last month was incorporated with tokenized gold. The platform will also add other basic products in the future.

Decarbonization with Celsius

Since many blockchain and cryptocurrency projects focus on using technology to provide banking services to the population without banks, Celsius is working to throw people out of the bank and supposedly offer ua better alternative, one that is powered by cryptocurrencies. Mashinsky said:

“We look forward to the day when billions of people leave the old-fashioned traditional banks and choose to go bankrupt with Celsius. We have proven that we can give back power to people. “

Mashinsky noticed that The application was aimed at people who were rejected by traditional funding “based on race, gender, credit rating or employment status” to earn more than they could otherwise with more acceptable means.