Decentralized finance platform Celsius Network has crossed $1 billion in total cryptocurrency deposits. The DeFi network claims that it returns 80% of its total revenue to its users and has so far paid $17 million as interest rewards to its community of crypto holders, of which $12 million were in Bitcoin and $3 million in its native CEL token. The growth of the Celsius network in recent months has been considerable despite the coronavirus pandemic causing most businesses to suffer losses worldwide.
Celsius is the first major crypto lending platform that has turned profitable, CEO claimed.
Earlier this year, Celsius CEO Alex Mashinsky claimed that their platform was the first major crypto lending platform that has turned profitable. According to the CEO, the company was profitable last year on a net income basis and this year on a free cash flow basis. To further expand its user base, the platform revealed that it was adding support for tokenized gold last month. Celsius will be adding other tokenized commodities in the coming future.
Earlier, the CEO had said that the company’s balance sheets are much more solid than any of his competitors, “about 90% of the deposits come from the retail clients, while close to 100% of the borrowers are institutions.
Celsius CEO looks forward to the day when billions of people leave traditional banks behind.
The CEO Celsius Alex Mashinsky said they look forward to the day when billions of people around the world leave the antiquated traditional banks behind and choose to unbank with Celsius. Celsius has proved that they can bring the power back to people. Mashinsky claims that Celsius was for individuals who were forcefully turned away from traditional banks and finance system “due to race, gender, credit score or job status” to earn more than they could otherwise through more accepted means. There has been a surge in crypto trading in the past few years, and people are moving towards digital currencies.