Celsius Network: Key points to know

Highlights

  • One of the famous blockchain lending platforms, Celsius Network, creates an ecosystem wherein investors can lend their cryptos to earn attractive interests.
  • With an easy-to-use mobile platform and instant fee-free payments, Celsius is hugely popular among seasoned crypto traders and beginners.
  • Moreover, the network provides better data security and risk management.

Celsius Network is a leading blockchain-based lending platform, offering a wide range of financial services such as loans and savings tools to its users. It supports cryptocurrencies like Bitcoin, Ethereum, Chainlink, Tether, Uniswap, USD Coin, etc.  

In fact, its unique DeFi-focused project makes Celsius the only platform which offers its users a profit of up to 17% on their cryptos. Moreover, its users are rewarded every week and the platform enables borrowing of cash at the lowest rates.

Related Read: Why to get acquainted with 10 blockchain platforms in 2021?

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What is Celsius’ origin?

Based in the UK, Celsius was launched in 2017 by Alex Mashinsky, S. Daniel Leon, and Nuke Goldstein. It issued its in-house coin CEL in 2018. It is noted that the Company had successfully raised millions of funds across its five rounds held so far.

Celsius’ lucrative features

It is pointed out that the fees on loans offered by Celsius are very less as compared to the fees paid to the banks. Various other hidden charges levied by the banks are also eliminated for the users of the Celsius platform.

Moreover, its users can earn higher returns when compared to the regular savings accounts interests offered by the traditional banks.

Further, without having fees tacked on, one can easily send cryptocurrencies through the Celsius app.

Also Read: Top 10 DeFi tokens that are grabbing attention

With a global reach in more than 150 countries, the Celsius platform is well liked by crypto users, especially by the new entrants to crypto markets. It supports web, Android, and iOS applications, with an easy-to-use mobile platform.

Easy loan approvals

Also, on this platform, 30 coins can be used as collateral, which may be lent to institutional investors by Celsius. One of its distinct features is that here, with no credit checks, loan approvals can easily be granted, making it quite popular among its users.

Is trading on Celsius safe?

Celsius Network offers enhanced risk management along with data security and is highly secured. It has been awarded ISO/IEC 27001 security certification.

Moreover, the Celsius network has been granted a licence by the United States Treasury Department's FinCEN unit and its Securities and Exchange Commission.

Related Read: What is SafeMoon coin? Is SafeMoon a good cryptocurrency?

Though Celsius does not have its own insurance policy, it works with Fireblocks, its custodian, which offers insurance for the digital assets being held by the former.

Must Read: Is Coinbase available in New Zealand? Is Coinbase safe?

Bottom Line

Celsius Network is a good platform for the crypto beginners who are allured to the thrill of investing in the crypto market without taking the full risk associated with it. With no hidden fees and no account minimums, Celsius offers hassle-free trading and is one of the leading sought-after crypto platforms among crypto traders.

Related Read: What are the top 10 advantages of blockchain technology for businesses?

On 20 August, at the time of writing, Celsius Network was up by 3.3% and was priced at US$6.16.

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