Celsius is a crypto lending platform that is acting in your best interest.
It is a peer to peer crypto lending company facilitating borrowing and lending for the people who needs it the most. For borrowers, there are low-interest rates, whereas, for the lender, there is a fair share of the income distribution.
Celsius believes that the world needs banking but doesn’t need a bank. So it has taken it upon itself to be that kind of service that provides banking services to the billions who have no financial playing field, but they do have their mobile phones.
Celsius is leveraging the power of blockchain and blockchain-based tokens to provide a just system that is built ground up by a team of competent people to take it to the masses.
Thus Celsius’s goal is to bring the next 100 million into crypto by providing them services that aren’t available to general masses via traditional financial institutes.
Celsius Network (invest and deposit 200 $ for a few days and you get $ 10 $ bonus!
Join Celsius Network using my referral code:
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when sign up with this code, you earn $10 in BTC with your first deposit of $200 or more!
Anyone who requires cash loans can apply and get crypto-backed cash loans at a 4.95% annual rate. This is mainly for dollars and stablecoins like USDT, USDC, etc. So get guaranteed out cash or stablecoin loan against your BTC, ETH, XRP, BTG, and BCH at the lowest interest rates.
However, there is a minimum loan limit of $3000, meaning you need to collateralize crypto worth of $3000 to get a loan in cash or stablecoins from Celsius.
Further whatever you as a lender deposit on Celsius platform get loaned out to crypto hedge funds and crypto exchanges at a predetermined rate of interest. 80% of this interest charged is given back to you by Celsius since you have lent it and the remaining percentage Celsius takes.
This interest distribution is done weekly, and you can earn upto 7.5% by lending your ideal sitting cryptocurrencies to Celsius.
But the good thing is, one can earn interest on their any amount of deposit whether you have $1000 or $100 worth of crypto, you can very well earn interest on it using Celsius network which isn’t the case with other crypto lending platforms.
The cryptocurrencies that you have put in your cold storage could be earning upto 10% if you deposit them with the Celsius network. This is an age-old method applied by wall street veterans for making their existing money make more money for them.
Celsius makes it accessible to you, and it doesn’t matter how much crypto you have. Whatever the amount you ready to stake it at Celsius and get-go from the start to earn weekly interest (every Monday) in terms of stablecoins.
- Borrow Cash [Cash loans]
If you are a borrower and you are a HODLer of cryptocurrencies, this is for you. Get cash or stablecoin loans at the lowest interest rates on your crypto collaterals. This is the best you can get and is also the best thing to do without selling your cryptocurrencies which might appreciate in the future.
About CelPay I wasn’t able to find much info but as it looks like it is a wallet that allows you to transfer cryptocurrencies from one wallet to another for free.
But as I understand, this feature is only useable for people who are already on the CelPay app and when you transfer crypto from your wallet to another, Celcius just does the background accounting work.
However, not to miss this point that it is actually a full-fledged cryptocurrency wallet and additionally facilitates paying your fellow Celsians instantly without leaving the app.
- FeeFree Lending Platform
This part is exciting, and I know this is hard to do because I have worked in the traditional mortgage industry for a year. There you have fees upon fees upon fees. There is an origination fee, underwriting fee, closing fee, fee & fee & what not !!
But at Celsius, there are no withdrawal fees, no deposit fees, no transaction fees, no early termination fees, no origination fees, no breathing fees making it the first fee-free crypto lending and borrowing platform which is the need of the hour.
No fees! No fees!!
- Cel Token Utility
CEL token is purely a utility token designed to give you the best possible financial services in the cryptosphere. There are several utilities and benefits of holding and having CEL tokens, and some of them are:
CEL holders get upto 25% discount on their interest rates if they are borrowing from Celsius and maintaining a certain level of balance of CEL tokens. Also, CEL holders will get seniority in terms of getting dollar loans when the dollars become scarce.
As a lender, if you choose to get your weekly interest in CEL, you will receive up to 20%** more interest on all non-CEL deposits, and as CelPay user whenever you transact using the app, you will receive cashback upto 2% in CEL Tokens.
There are a plethora of reasons to choose Celsius over other crypto lending platforms and all the features that I have listed above advocates for Celsius in itself. But still here some of the top reasons for which I believe you should use Celsius before trying any other crypto lending site:
- BitGo is their custodian, so your assets are safe with them as BitGo covers upto $100m for Celsius.
- There are no hidden fees on Celsius. No origination fees, no early withdrawal or minimum balance fee, etc.
- No penalty for early withdrawal or your deposit. You will earn interest for an exact number of days you kept your crypto with Celsius. So your money is always within your reach.
- Interest rates on cash or stablecoin loans backed by your crypto are lowest in industry.
- The team has a lofty goal of introducing crypto to 100 million users, which is a real goal and shows their seriousness.
- CEL token has exclusive utilities, which is missing in other lending platforms.
Is Celsius Network Legit & Safe
Celsius has BitGo insurance, and all the assets are stored in a multisig wallet with BitGo. The coverage is upto $100 million against cyberattacks, thefts, or inside jobs.
Plus, Celsius has issued loans upto $1.2 billion to date and has 30,000+ active users of the product. Do you still need me to speak for its legitimacy and security !!