Since the 2008 housing crises that affected the economy, people have lost all hopes in the banking system but in most cases we just have to hold on to it because there are alternatives to the institutions. Fast-forward to when the blockchain came, people started looking for alternative solutions to the banking system.
Introduction to Celsius
The all-in-one banking and financial institution built on the blockchain to enable people attain financial freedom that regular banks and financial institutions couldn't do. The Celsius Network is a peer-to-peer lending company whose token is built on the Ethereum blockchain and facilitates borrowing and lending of cryptocurrencies. Allowing borrowers to quickly access fiat funds as loans when they put their crypto as collateral, while paying minimal interests and offers profit on interest rates for the cryptocurrencies that are deposited on the network digital wallet.
Currently, Celsius is one of the most popular lending platform alongside Nexo,Salt, Blockfi, and many more. Founded in 2017 by Alex Mashinsky (CEO) and Daniel Leon (Founding President and COO). The company had an Initial Coin Offering (ICO) in May 2018 and raised $50 Million during its presale and crowdsale period.
The network support over 100 thousand users around the world and holds over $700 million in assets locked. Celsius has been able to grant over $8 billion loan with over $15 million in interest payments from borrowers.
How Celsius Works
- Users deposit cryptocurrency into the Celsius app
- Celsius loan the funds out to borrowers (personal, retail and institutional)
- Users receive payments as revenue from the revenues gained by Celsius from those loans and other financially related activities
Why Celcius
Cutting regular banks who charge interest rates on loan of up to 25% when borrowing and 0.01% when saving is one great reason why Celsius network is important. Celsius aims to decentralize and democratize the lending industry by working in the best interest of the users both lenders and borrowers. Unlike the banks who charges for collecting, keeping, using, and withdrawing of your money, Celsius gives users satisfaction for their funds.
With Celsius, individuals lend their money to other users while getting back 80% of the profits from the interest rates, and alowing borrowers to borrow fiat, while paying very decent interest rates, putting their cryptocurrencies as collateral. With this, Celsius is taking the bank completely out of the equation.
The platform support cryptocurrencies such as Celsius Token (CEL), Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), EOS (EOS), Ox, and several stablecoins.
Celpay
Celpay is a feature on the Ceelsius Network app which allows users to send cryptocurrencies to contacts easily without stress of address on the Celsius network. With Celpay, there’s no need to install a cryptocurrency wallet beforehand or dabble with private and public keys. Celpay allows everyone using the network to send funds to their friends, families and other contacts by sending the contact a link with the transaction in a text message after which the reciever just follows the link and the instructions to install the app to automatically receive their funds.
The Cel Token
Built on the Ethereum blockchain, Cel token is an ERC-20 utility token currently traded at $2.34 and a 24 hours trading volume of over $3 million. Ranked at 39, with a market capitalization of $559,454,934, the coin has shown to be very prospective.
Interest rate paid in Cel in the Celsius wallet differs weekly depending on the coin but it is often within the range of 3% to 11%. Investing in CEL token as at the time of ICO would have incurred a return of over 900% as at the time of writing.
The CEL token minted was distributed thus; 50% for presale and crowdsale, 27% for treasury, 19% for team members, 2% for partners and advertising. Cel is traded on Liquid, IDEX, Switcheo, Totle, HitBTC, Sistemkoin, Hoo, Uniswap (V2).
Holding CEL Token
The Celsius platform allows me to earn on a weekly basis as my funds are used to grant loans to other users. Also, the token has experienced a rice in price since March 27 of this year and it has been bullish since. I plan to hold the coin for a 5 years period as lending is something people can't do without and since there is a collateral, i believe the project is sustainable. Also, over $3 million trading volume in 24 hours gives a fair ground that the coin has liquidity which keep me at rest.
I think Celsius is a quite interesting project. Providing a decentralized platform where any one with a cryptocurrency token can take loans is more than brilliant. In regular banking, one has to provide lots of document, has to either be an employee of a recognized firm or have a registered business. In other words, normal people can't take loans from banks.
There is also the brilliant innovation of individuals earning from providing loans just like you do. With regular banking, this is not possible. Instead the banks separates the loan provider fro the borrower. They can collect your funds as fixed deposits, paying very little in interests and then provide those funds as loans for huge interests.
Thumbs up to celsius. I think you'll have a good return on investment if you hold the token for a long period of time, like 5 years as you mentioned.
#twopercent #nigeria #affable
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