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Crypto lender Celsius has paid out $250M in rewards

02/15/2021

The crypto rewards platform has seen large progress over the previous three months.

Celsius, a centralized cryptocurrency lending platform, claims to have paid out over $250 million in rewards to its 415,000 customers, underscoring the speedy progress of blockchain lending protocols. 

Celsius introduced the milestone in a Monday press launch that highlighted the corporate’s vital progress over the previous two years. “Celsius stays one of many fastest-growing firms in finance because it achieves new milestones week-over-week,” the corporate mentioned.

Not like decentralized finance protocols, Celsius provides a centralized various that lets customers deposit crypto belongings onto its platform. The deposited belongings are lent out to exchanges and market makers, with the overwhelming majority of curiosity funds distributed to depositors.

By November 2020, Celsius had reportedly paid out greater than $80 million in crypto rewards to depositors. That determine seems to have greater than tripled, based mostly on Monday’s press launch.

Celsius customers have the flexibility to earn weekly rewards of as much as 18.5% annual share yield on over 40 crypto belongings. The corporate now manages over $8 billion in cryptocurrency belongings.

Alex Mashinsky, Celsius’ co-founder and CEO, mentioned:

“Celsius was constructed to behave in one of the best curiosity of the group, and we now have constantly delivered sincere, clear, and rewarding monetary companies.”

The continued progress of Celsius helped land Mashinsky a spot within the Cointelegraph Prime 100 for 2021. Mashinsky not solely helped put Celsius Community on the map in 2020 however he was instrumental in securing a further $20 million in crowdfunding from over 1,000 traders. The platform’s native token, CEL, vastly outperformed most main cryptocurrencies final yr.