What is Celsius?
The Celsius Network is a regulated, SEC-approved lending platform that allows customers to earn interest on their cryptocurrency deposits or take out crypto-collateralized loans.
Celsius aims to entice consumers by offering high rates on deposits while retaining the advantages of conventional outlets, such as rapid, fee-free transactions. Celsius allows current crypto investors who want to take out a loan to get dollars without having to pay out their crypto holdings.
How Does Celsius Work?
The Celsius Network makes it easier to earn interest and borrow money in cryptos. The network has an app for both Android and iOS devices.
CEL, the platform’s native cryptocurrency, was launched as an initial coin offering (ICO) in May 2018. They raised $50 million during the ICO, gaining exposure for the native cryptocurrency in the process.
The system is built on the CEL token, which can be used to take out loans, reward users, and make payments. Customers may earn extra interest on their savings accounts by using the CEL utility token.
Furthermore, Celsius has implemented a loyalty program in which the user’s status is based on the value of CELs in their portfolio. As a member advances through the tiers, they will get extra benefits and interest rate savings.
CEL is primarily utilized as a reward mechanism for users who use the Celsius Network, as well as a collateral currency for loans.
Instead of selecting competing cryptocurrencies, CEL holders enjoy additional advantages by utilizing the coin to make lower loan payments or obtain better returns.
CEL is an Ethereum-based currency that can be exchanged for other Ethereum-based tokens like ETH and DAI. Furthermore, using its payment service CelPay, CEL may be transferred to other users inside the Celsius network without incurring transaction costs.
What is the History of Celsius?
Celsius Network was formed by Alex Mashinsky, S. Daniel Leon, and Nuke Goldstein in London in 2017. Mashinsky is a successful entrepreneur and technologist who helped build the foundations of VOIP (Voice Over Internet Protocol) and founded two of New York City’s top ten venture-backed exits since 2000.
Celsius held an Initial Coin Offering (ICO) in 2018, generating around $50 million by selling 325 million CELs (about half of their total supply)