The cryptocurrency loan and credit platform Celsius Network has exceeded 50,000 Bitcoin (BTC) depositsworth more than USD 380 million since its launch in August 2018.
With more than 100,000 active users in your application The company’s growth is now on track to exceed 60% in 2019.
In a conversation with Cointelegraph on May 1, Celsius CEO Alex Mashinsky said he believed in growing the user base and network deposits “reflects growing concern about the results of the 2008 and 2020 bailouts,” noting:
“Most of the benefits were too big to fail and were close to the Washington gift plate. Celsius is the opposite of that. We treat everyone the same, whether you have $ 10 or $ 10 million, and we always act in the best interests of our community. “
One day after the largest monthly recovery in US equity markets since 1987, when unemployment claims hit a record 26 million, Mashinsky found that:
“Our post-coronavirus economy will have an L-shaped level of economic activity, however The stock market believes that we have a recovery in the form of V. This is mainly due to the floor the Fed has put under bond and credit markets, which has made speculators wild again. “
The CEO argued that the growing demand for cryptocurrency loans comes from a section of the public who “doesn’t believe this story and knows that tough times are waiting for us”.
By deciding to put more of their Bitcoin-based assets online, these users are using an alternative way to access affordable loans and earn interest in an era of unprecedented economic uncertainty.
Cryptocurrency lenders are becoming increasingly popular
As reported in August 2019, Celsius Network became the fastest growing cryptocurrency lender with $ 2.2 billion in currency loans. By November, the total loan amount had almost doubled to $ 4.25 billion.
The network offers variable interest rates on deposits from a variety of major cryptocurrencies such as Bitcoin, Ether (ETH) and Litecoin (LTC) as well as alternative currencies such as Bitcoin Gold (BTG), Dash (DASH) and Zcash (ZEC)) and EOS.
From this February The company now offers compound interest for the cryptocurrencies stored in its wallet.
Crypto credit platforms continue to grow in importance, and more and more players like BlockFi, Nexo, YouHolder and SALT Lending are entering the room.
Last month, crypto and wallet provider Huobi integrated services from the decentralized cryptocurrency credit platform Cred so users could earn interest in their wallet holdings.