RATE Group | Celsius to Begin Offering Compounding Interest on Crypto Deposits
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Celsius to Begin Offering Compounding Interest on Crypto Deposits

25 Jan Celsius to Begin Offering Compounding Interest on Crypto Deposits

Posted at 02:50h in Cryptocurrency News by

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Cryptocurrency lending and borrowing platform Celsius announced that it would be implementing compounding interest on cryptocurrencies deposited in its wallet, starting Feb. 1. The announcement came with a number of other updates in a Twitter AMA (ask me anything) with founder Alex Mashinsky on Jan. 22.

Compounding interest was a feature requested by the Celsius community, and brings the community-driven app in line with venture capital-backed competitors like BlockFi, and traditional financial services. In announcement sent to Cointelegraph the firm stated:

“You asked for it, and we delivered! Starting February 1, interest income on crypto deposits will officially be COMPOUNDING! That’s right – all the coins in your wallet will now be earning interest on interest!”

Other changes announced in the AMA covered revamped loyalty tiers, the ability to lend against EOS tokens, and a partnership with South Korean cryptocurrency exchange, Korbit.

Users can also now earn up to 8.1% APR…

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