Celsius (CEL)

What is Celsius?

The Celsius Network is a leading retail savings platform for interest-bearing and borrowing accounts with fiat on-ramp, as well as a market-leading CeFi lending provider. Celsius Network operates on a community-first mandate, giving 80% of its revenue back to its users in the form of additional earnings on saving and borrowing. Combining attractive interest rates, low fees, and a strong community, the platform has experienced considerable growth since inception.

• A retail mobile-only platform Users can only access the Celsius Network via its app and not the desktop.
• Earning Users can deposit coins and earn from their holdings. The Annual Percentage Yield (APR) of each staked cryptocurrency reflects the market demand for that particular coin. In addition, users can earn a bonus interest on their accounts by choosing to use the CEL token to receive the rewards.
• Borrowing, Dollar and coin loans Users can borrow stablecoins and dollars against crypto collateral. In addition, users can earn a bonus discount on their accounts by choosing to use the CEL token to pay back their loans.
• A market-leading CeFi lending provider When coins are deposited, they are held as collateral on the Celsius Network and lend to another party. In this case, CeFi Financial Institutions, large investors, institutional traders, hedge funds or exchanges looking for reliable inroads into cryptocurrency.

What Makes Celsius Unique?

Celsius aims to outperform banks at their own game by offering financial services on the kind of terms which traditional financial institutions no longer offer.

These include much higher rates of returns on savings and deposits, much easier and fairer loan requirements and automated rewards computed for each user algorithmically. Penalties and bank-style fees are also waived.

The platform also functions as a wallet via its CelPay feature, and hosts its own CEL token which users can leverage to increase payout value among other things.

As a for-profit company, Celsius takes a cut of profit margins on interest payments, still returning 80% to users themselves. The company also lends to institutional entities such as hedge funds.

Payments are ensured because loans are asset-backed, and any borrower must supply more than 100% of what they borrow in the destination currency.

Version 1 of Whitepaper is released, tech team hired and development begins.

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