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What is Celsius (CEL)?
Celsius is one of the popular crypto lending platforms which is SEC-compliant that allows users to earn interest on their crypto holdings or to avail themselves of crypto collateralized loans.
Crypto enthusiasts are so much inclined to Cryptocurrency interest accounts and lending programs currently.
One of the prominent reasons why these companies are all the rage in the blockchain ecosystem right now is because these companies enable interest-bearing crypto accounts and low fees lending that makes use of crypto as collateral, all of which makes users attracted more towards it.
By doing so, the users are offered higher interest rates on their savings account and lower loan rates. Crypto Trading platforms like Celsius have grown tremendously as they enable users to earn a passive income on their crypto holdings which are considerably more than the interest earned on a fiat-based savings account.
Celsius’ strategy to gain more users is by allowing them to gain high yields on their crypto holdings all while offering them benefits like swift and low-fee transactions. Celsius also provides an opportunity for Investors who desire to take out a loan by allowing them to receive dollars without them having to cash out their holdings.
Who are the founders of Celsius (CEL)?
The CEO and founder of the Celsius network is A.Mashinsky, who is also a serial entrepreneur with remarkable success across various ventures. Mashinsky also holds several patents and also one among the investors of the technology VOIP.
What makes Celsius (CEL) unique?
Celsius is unquestionably a wonderful way to opt for those who are willing to make money from loaning their crypto holdings.
The platform is known for offering generous interest rates to investors. The Celsian can also opt for a self-insurance policy through Celsius mobile app or web.
Celsius is known for the security of its platform, trustworthiness and amiable community.
The funds that are deposited compound every week with almost no effort from the participant’s end. All the users have to do is deposit and wait for it to compound.
Celsius also offers attractive referral programs and promo codes to the users through which they can earn a percentage on the referrals. It believes in the community hence they choose to distribute their earnings among the users over the advertising agencies.
Anytime, it is always preferable and profitable to have your money in a chequing account that pays 17% interest on an annual basis rather than to have it in a chequing account in which the returns are almost negligible.
How Many Celsius (CEL) Coins?
The native token of the network is CEL. Currently, there are 238,863,520 CEL in circulation in the crypto market with the maximum supply being 695,658,160 CEL coins.
How does Celsius (CEL) Work?
As it was addressed earlier Celsius is definitely a user-friendly platform that allows the users to deposit crypto and earn a substantial interest on it automatically provided it is a non-collateralized fund.
The Celsian call their Monday’s payday since all the interest they earn throughout the week is calculated on a Friday and paid out on Monday that follows.
The tiers and rates change over time and they’re not the same for the US and International users. However, the current rates can be checked on Celsius Earn Page.
The network of Celsius constitutes accounts that are hosted by Celsius and those crypto exchanges that are meant to minimize the transfer of crypto-assets that are outside the Celsius system.
The key people within the system are as follows:
- Lenders: Lenders are the users who earn interest on their deposits/account holdings
- Borrowers – The democratized Celsius Crypto holders can earn rewards against their crypto collateral upon transferring their coins to the crypto accounts.
The users can also earn additional income by using the network by depositing their crypto assets on the platform and can earn rewards on any cryptocurrency approved by the system such as Bitcoin, Ethereum etc.,
The platform manages the funds that are deposited in a very solid lending pool that’s meant for staking and the interest thus received is distributed among the users.
Celsius utilizes a formula called PoS(Proof-of-stake) to ascertain how much the lenders should be paid. The formula takes into account the funds deposited by the lenders and the number of days spent they participated on the platform.
CelPay
CelPay, an in-app payment feature for the Celsius network that allows to send upto $2.5K worth crypto currencies to your contacts effortlessly without any transaction fee through a link.
All the users have to do is to choose a coin and the preferable amount they would like to transfer. The process would be confirmed via an email sent to the user.
The user is provided with a shareable link which they can share with the contact and the funds are deposited into their contact’s Celsius wallet upon opening the link.
However, the person who opens the link ought to have a Celsius account and also need to confirm their KYC details in order to receive funds into their Celsius Wallet.
What gives CEL (CEL) its value?
CEL is the native cryptocurrency of the Celsius Network’s that allows its users who hold CEL to take loans and make payments all while availing them with the added loyalty benefits.
Mostly, CEL is offered as a reward to the users who access Celsius Network and collateral for receiving loans.
The users who hold CEL have considerable benefits such as cheaper loan payments with cryptocurrency, they can even earn higher yields without having to opt for other cryptocurrencies.
Since CEL is a token that’s inherently built on Ethereum blockchain it is transferable for tokens that are also built on Ethereum like DAI and ETH. CEL also has this unique feature that allows the users to transfer it to the users without any transaction fees. This is carried out within the Celsius network byusingelPay, a payment service.
Conclusion
Celsius is equally useful and profitable to both novice and experienced users alike as they can readily earn on their cryptocurrency holdings.
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