RATE Group | Crypto Platform Celsius Network Reaches $4.25 Billion in Total Loans
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Crypto Platform Celsius Network Reaches $4.25 Billion in Total Loans

17 Nov Crypto Platform Celsius Network Reaches $4.25 Billion in Total Loans

Posted at 17:21h in Cryptocurrency News by

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Cryptocurrency platform Celsius Network announced that it reached $4.25 billion in total crypto loan origination as of Nov. 12 in a press release shared with Cointelegraph.

Celsius reached $4.25 billion of cryptocurrency loans since the start of its activity in July 2018 calculated at current Bitcoin (BTC) prices, a 93% increase from the $2.2 billion reported on Aug. 1, 2019.

A fast-growing lending network

The company also claims $450 million in customer deposits and collateral from loans under management, which represents a 50% increase from $300 million on Aug. 1 this year.

Furthermore, Celsius also reveals it paid its users $5 million in interest payments or 66% more than the $3 million paid by Aug. 1. The firm’s CEO Alex Mashinksy said:

“Celsius gives back 80% of loan interest to our depositors with no minimums, caps, fees or penalties — our incredible growth shows there is high demand for lending platforms that put the needs of depositors first.”

The company also claims to…

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