Honest to goodness cryptocurrency lending. Sounds too good to be true? Well, as you may very well know by now (if it sounds too good, then it just may be something bad in reality!), the Celsius network actually incorporated several facets to present a platform that does what it promises.
It’s actually a very promising platform – you simply earn by having some coins on it. And the payout is weekly! Isn’t that a great reason to HODL?
And it isn’t an empty promise at all! With transparency and an overall focus on making everyone in the cryptocurrency community benefit, this platform may very well be a great avenue to be part of. Let’s find out more below on what makes the Celsius network, simply, great!
What’s the Buzz with the Celsius Network?
Banking (pun intended) on the idea that everyone needs to have access to a banking system sans the conventional or traditional banking process, the Celsius network harnesses the power of the blockchain to allow more people to have access to their assets at any given point of time.
Launched in 2017 with just a mere idea to promote and foster financial freedom for all, the Celsius network carefully scrutinizes on how banks get away with a typical person’s hard-earned cash – and makes processes to better exemplify and give back an individual’s currency rights.
So much so that in just a year (March of 2018), that Celsius had managed to successfully launch its ICO. A couple of months later, the app had been released, completing payments and revolving cryptocurrency on the platform. Come just December of the same year, the Celsius network had exceeded over a whopping $50 million in deposits (with over $100 million in coin loan origination).
The trust that members placed on the platform continues even as of today. Just May of this year, Celsius had more than $200 million in deposits (to place this in perspective in terms of coin loan origination, this would amount to more than $1.2 billion!).
The Celsius network must really be doing something good with these many deposits happening on the platform!
Plainly Speaking, What is the Celsius Network?
To state it simply, the Celsius network is a P2P cryptocurrency lending platform that focuses more on the safe and secure facilitation of a user’s cryptocurrency assets. By bringing back the financial power that people deserve, this network makes sure to always prioritize a person’s financial rights.
Fairness is one of the key facets of this platform. Lenders earn a just share when it comes to income distribution on the platform. Borrowers are offered low and manageable interest rates, allowing almost everyone to get cryptocurrency when they need it the most.
The Celsius network also comes with several blockchain solutions that offer users the freedom that they have always deserved. We’ll be tackling some of the features in one of our points below!
Who Makes Up the Celsius Network?
What makes the Celsius network a force to be reckoned with is the people behind it. Composed of individuals committed to the common cause of simply “doing good and doing well” (which is in line with what a well-initialized blockchain system proposes to offer for everyone to do), these people offer a mix of technical prowess and people skills that help reach out and bring back financial freedom and power to the common man.
And talent is apparent with the core team. Made up of various experts from all sorts of industries, the Celsius network is definitely in for the long run! To quickly name the key individuals in this network, it would be Alex Mashinsky (CEO and pioneer of VOIP), S. Daniel Leon (COO and known for building up discovery platform, Atlis Labs), Nuke Goldstein (CTO with an immersive and efficient method in bringing out the blockchain’s potential through his code), Young Cho (CFO and with a deep background and experience in the banking and fintech industries), Jeremie Beaudry (CCO and a regulatory expert), Liza Rabban (VP of Global Business Development with a wide network of investors, startup founders, and cryptocurrency enthusiasts), and Aliza Landes (VP of Lending with a tactical and charismatic experience in digital media).
Celsius Network Features that Make it Stand Out in the Cryptocurrency Scene!
In essence, the Celsius networks presents itself as more than a typical cryptocurrency lending platform – it definitely is more than that! Focusing on the decentralized financial ecosystem that almost every cryptocurrency and blockchain enthusiast looks forward to, this platform had created several features that does lead to a transparent and seamless landscape. Here are some of the network’s features that makes it such an appeal to be part of:
Simply depositing your cryptocurrency on the Celsius network rewards you big time. By placing your coins into your Celsius network wallet, you stand to gain up to 10% APR. It’s a simple take on rewards and trust – the network will reward you with a high chance to earn, by simply making use of their cold storage feature!
In essence, simply going for HODL on the Celsius network will allow you to earn a lot (either your choice of cryptocurrency or CEL tokens). And with the rates given by the network, this is actually a legit and powerful form of passive income when it comes to earning some nice cryptocurrency.
Breaking this down even further, users stand to gain more because of the interest applied by simply HODLing.
- And with the focus on giving back to the community that supports the network, the Celsius team works its magic by giving them fair (and high) interest rates. Do date, here are some really nice stats when it comes to earning in this awesome platform:
- Approximately 30% Celsians opt to earn weekly interest in CEL tokens (the rates are just that good!).
- Approximately 92% of users who HODL CEL keep their tokens in the platform – no withdrawals, whatsoever!
- More than 10,000 depositors have placed their trust on the Celsius network – over $350 million worth of coins are in the platform!
Now, if that isn’t appealing enough, the Celsius network has listed several really nice reasons to keep your coins in their cold storage:
It’s Time to Shine
As part of their push for equality, the Celsius network wants the majority an equal (or even more) opportunity on earning – this approach actually is a direct account on the 1% of the richest in the world!
The Peace of Mind to Access Your Assets
With no minimum balance required to keep in your Celsius network wallet nor other fine print in taking your coins out, your assets are totally under your control. You, at any given time, will always have access to 100% of your funds found within the Celsius network wallet.
A Nice Take on Flexible Interest
You also have a choice on how interest should be rewarded. With the choice of either in-kind cryptocurrency interest payments or through CEL tokens, you can explore and maximize the way you earn. Interest is paid weekly, so you can be sure that the flow of payments are always there.
Fee Free Economy!
With the focus of controlling your assets, you will not be charged should you ever decide to withdraw your coins. Say goodbye to those pesky withdrawal fees!
Control Your Deposits
Aside from having no minimum balance to maintain, there is also no minimum deposit to facilitate transfer of funds into your Celsius network wallet. After all, you have the power to choose how much you want to earn – control is apparent on this platform!
Either you want to get into various cryptocurrencies or want to simply HODL, this feature allows you to experience how it is to get some altcoins in your account. With three borrower options to choose from, you can be sure of a flexible and easy cryptocurrency borrowing experience with this feature!
Check these features out why this cash loan feature is a winner in our books:
Easy Breezy Collateral
Conventional cash loans can be a hassle to apply for, considering the strict requirements and verification protocols required. The Celsius network avoids this problem by treating your own cryptocurrency as collateral!
The Fee Free Economy!
The folks over at the Celsius network seems to hate fees! There are no prepayment fees, transaction fees, and even termination fees to consider on the platform!
Flexibility is Always Welcome
Borrowing cryptocurrency on the Celsius network comes in three loan options. This gives you the power to decide on which approach will best suit you or your circumstances.
The Choice of Coin
Borrowing cash also comes with a choice. Choose between cash or a wide variety of stablecoins!
For Everyone’s Benefit
The cash you are borrowing efficiently comes from the many depositors that place their trust on the Celsius network. And the interest you pay for you cash loans are distributed in an evenly matter, every week, to other users on the platform. A win-win situation for all!
CelPay Wallet App
The Celsius network also offers its very own cryptocurrency wallet app system. Dubbed as CelPay, this wallet app offers fast, safe, and really easy means to transfer and receive cryptocurrency on the platform.
Here are some features you may want to know about this wallet system:
Cryptocurrency Support is Awesome
This wallet app supports a large selection of major cryptocurrencies.
Simple Does It Process
CelPay incorporates a really easy flow to send cryptocurrencies. Simply choose a recipient, select the type and amount of cryptocurrency to send, opt to leave a note, and send! It’s that easy!
Fee Free as Always
Going by the fee free economy that the Celsius network hopes to accomplish, no fees will be charged when sending cryptocurrencies using this wallet app!
Multiple Ways to Send Cryptocurrency
Additionally, CelPay empowers users with a wide choice of modes to send out cryptocurrency: as a unique link, as a simple text message, or an even simpler transfer to another Celsian on the network!
Here’s where being a Celsian matters. As a utility token, the more CEL Tokens you have, the more benefits you’ll get to experience on the platform! As a way to reward HODLers as well, CEL Tokens follow a tiered loyalty system. Here are some benefits you stand to gain by simply having some CEL Tokens on your account:
Best Service for Best HODLers
The Celsius network wants to reward the 100 Celsians with the most number of CEL Tokens on their accounts. These lucky members will be rewarded with unique perks like: special mentions or callouts from the Celsius teams, invitations to exclusive CEL HODLer events, and designated customer support hotlines!
More Interest for Your Undivided Attention
Remember you have the option to earn interest either in-kind or through CEL Tokens? Choosing the latter will allow you to earn at a higher interest rate, with up to 30% depending on our loyalty level!
It Begins with a Single Token
Being eligible for the perks involves some simple tasks from your end. First, you must have at least a single CEL Token in your wallet to be part of the loyalty program. Second, you would need to complete the KYC process. Really simple and easy, right?
Loan with Ease
Applying for a loan or borrowing coins now offers you a lower interest rate by simply being part of the loyalty program.
Use CEL Tokens to Pay Loans
You also have the option to pay for any interest from your cash loans using CEL Tokens. Doing so allows you to pay less, considering that paying through this option may give you a discount of up to 30% (depending on our loyalty level).
There’s a cashback option by simply completing transactions on CelPay! CEL Tokens are earned monthly as cashback rewards from CelPay transactions (1% for BTC and ETH transactions; 2% for CEL CelPay transactions).
No More Lines
On any instance that there should be any lag or dollar limitations, CEL Token HODLers are prioritized over other users!
How to Create a Celsius Account
Joining the Celsius Network is easy. Here are the basic steps you need to consider:
- Click on any of the “Join Celsius” buttons on their website.
- Enter the necessary details (name, email, password).
- If you have a referral code, now’s the time to enter it as well.
- Once you’ve entered, click on “Deposit Coins”.
- On that page, click on “Verify Identity”.
- Entering that page will now begin the KYC process. Simply fill in the necessary details.
- For users based in the United States, your SSN or taxpayer ID is required.
- KYC processing will take approximately 24 hours.
- You’re done!
Simple and easy – just the way that everyone should experience when getting onto this platform!
Celsius Network Security Protocols
The Celsius network makes use of multiple cold wallets for safekeeping of assets on the platform. Additionally, the platform is backed with BitGo insurance, covering select digital assets that are held in cold storage. Coverage is up to $100 million – an assurance against cyber crimes and the like.
Additionally, the Celsius network makes use of standard (and trusted) multi-factor authentication systems, the KYC process, and other standardized cryptocurrency security facets.
Bringing the Power Back to the People!
At the onset it may be idealistic, but dig in deeper, and you’d realize that it does make sense. The Celsius network may very well be one of the best case scenarios on how the blockchain and cryptocurrency should be used! Get on board this platform today and bring back the financial freedom that everyone deserves to have!