Cryptocurrency News

Celsius crosses new company-high in BTC assets


Crypto yield-earning platform Celsius now holds more than 100 bitcoins, according to a company press release released today. BTC accounts for about 25% of the platform’s total community assets.

Celsius: inside and outside

Despite May being a challenging month for bitcoin, the company also reported that the number of users transferring BTC to BTC has more than doubled, with nearly 750,000 users globally. The historic passing of the company’s 100K BTC holdings sets a new company high.

APY rewards for Celsius users vary, typically between 3.51% – 6.2% for US users depending on the amount of BTC in their account. International customers are currently offered 4.4% APY for BTC in their Celsius accounts. In today’s release, the company noted that approximately 2,500 BTC has been paid out to customers in crypto rewards.

The flip side of Celsius’ business is through lending; The firm offers no origination fees, no credit checks, easy refinancing options, and aggressive rates for borrowers in both USD and various stablecoins. The popularity of crypto lending has increased recently, and can potentially improve general liquidity and price discovery for many assets, but there are inherent risks.

Related Reading | Celsius Network’s CEL Token Now Listed on OKEx

Contest

Celsius continues to emerge in the competitive DeFi crypto lending landscape, battling notable contenders such as Nexo and BlockFi. Aggressive rates remain a major sticking point for consumers. BlockFi is currently offered 0.5% to 5% APY for BTC interest, and Nexo currently offering Between 6% and 8% APY on BTC interest. Rates are often variable and can fluctuate, and will also depend on whether the consumer is redeeming them via BTC or through a native platform coin. However, native token rewards are not generally available to US consumers.

Celsius' native token, CEL, is sitting at record high levels lately. | Source: CEL-USD on TradingView.com

what does this mean

Celsius started in 2017 and now seeks to maintain some aggressive strategy to increase its position in the market, raking in over $5B in crypto assets. The firm continues to look at partnerships to fuel growth, including a recent partnership with NBA athlete and crypto entrepreneur Spencer Dinwiddie and increased conversation around the firm’s upcoming web app.

Additionally, the platform could also potentially see more corporate partners to drive growth. Last month, the platform partnered with B21 Crypto, a global, mobile-first crypto platform. This allowed B21 to introduce a new ‘earnings’ feature, allowing the company’s users in 82 different countries to access the weekly produce services that Celsius provides to its consumers. The company has made further investments in similar partnerships that have already been established, including crypto exchange liquid. Liquid was the first exchange to support Celsius’ native CEL token in 2019.

Related Reading | Passive Income, a Unique Blockchain Token Re-imagined DeFi Yield Generation

Featured image from Pixabay, Charts from TradingView.com



Source link

findmostly
Avinash is a blogger, Enterprenuer, marketer and author. He is very good affiliate marketer and Product Reviewer.
https://findmostly.com