Cryptocurrency deposits to decentralized finance platform, Celsius Network, have now surpassed $1 billion.
The amount of cryptocurrencies paid into the account of Celsius Network for their lending and borrowing business has passed $1 billion. This is the first time to achieve such a feat since its establishment in 2018.
This growing interest in Celsius’s business may be as a result of their high revenue sharing program. Celsius says it distributes 80% of all its income and that it has distributed $17 million as interests to those who have done business with the company. Only $3 million was paid in the company’s token, the CEL, while $12 million was paid in bitcoins.
Growing despite the pandemic
The corona virus pandemic has not stopped Celsius from aiming at the skies.
The CEO of Celsius, Alex Mashinsky, said in March that his company is the most profitable lending platform for cryptocurrency.
To attract more people, Celsius revealed its plans to start supporting tokenized gold. It also has plans to add more tokenized assets after gold.
Forgoing the traditional banking style
Celsius works differently from other cryptocurrency companies whose aim is to present a kind of banking system with blockchain technology. As for Celsius, they want to take away that mentality that banks are important. The CEO, Alex, said:
“We look forward to the day when billions of people leave the antiquated traditional banks behind and choose to unbank with Celsius. We proved we can bring the power back to the people.”
According to Alex Mashinsky, this is the best alternative for those who have been denied the privilege to bank owing to their race, job status, gender and credit score. With their unbanking style of service, he claims that the company’s clients are better off.