Industry News

TMCNet:  Celsius Network offers cash loans at 1% APR, surpasses 100,000 active users amid COVID-19

[May 20, 2020]

Celsius Network offers cash loans at 1% APR, surpasses 100,000 active users amid COVID-19

LONDON, May 20, 2020 /PRNewswire/ -- Celsius Network (https://celsius.network/), the industry-leading cryptocurrency interest-earning platform, announces today it is offering borrowers USD and stablecoin loans against their cryptocurrency assets at just 1% APR as part of its COVID-19 relief efforts. In addition to offering the industry's lowest rates for crypto-backed loans, Celsius has also announced record-breaking growth surpassing over 100,000 active users since launch in mid 2018.

Celsius attributes its recent exponential growth of new users to its consumer-centric business model and its ability to adapt to unpredictable market conditions, making it the ideal place for HODLers to securely earn, borrow, and pay with their digital assets through any kind of financial climate. After achieving profitability earlier this year in the midst of the COVID-19 outbreak, Celsius lowered its loan minimums in order to better serve its community and has continued to modify its services to meet the needs of its 100k+ users worldwide.

Borrowers can take advantage of Celsius Network's 1% APR loans by submitting a 12-month USD or stablecoin loan request for $1,000 or ore through the Celsius mobile app at 25% LTV. Qualified borrowers can review additional terms and conditions on the Celsius website. Celsius offers a variety of benefits for borrowers including no credit checks, no origination fees or penalties, comprehensive options and flexible terms, and significant discounts for holders of its native in-app token, CEL.

"Our mission has always been to act in the best interest of the people. Offering unprecedented rates during these unprecedented times is only the latest of our efforts to support the community in the wake of COVID-19," said Alex Mashinsky, CEO of Celsius Network. "It took us 18 month to get the first 50,000 HODLers and only 6 months to get the next 50,000. They all can get approved for a 1% cash loan today in the Celsius app and pay as little as $10 in total interest for a $1,000 loan."

Other recent milestones for Celsius include:

  • $12 million in interest payments, a staggering increase of 54% from just $5 million on 11/12/19
  • $8.2 billion of coin loans in today's BTC prices since beginning its lending operations in July 2018, an increase of 31% from $4.25 billion on 11/12/19
  • $730 million in customer deposits and collateral from loans under management, an increase of 38% from $450 million assets on 11/12/19
  • 101,000 users worldwide, an increase of 100% from 50,000 users on 11/12/19

About Celsius Network
Celsius Network addresses the financial needs of today's consumers worldwide through a high interest income and low cost loans accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the depositor community, Celsius is a Blockchain-based marketplace platform where membership provides access to curated financial services that are not available through traditional financial institutions. For additional information please visit www.celsius.network

Contact: Anastasia Golovina, anastasia@dittopr.co

Cision View original content:http://www.prnewswire.com/news-releases/celsius-network-offers-cash-loans-at-1-apr-surpasses-100-000-active-users-amid-covid-19--301062636.html

SOURCE Celsius Network


[ Back To The Blockchain Domain's Homepage ]


FEATURED RESOURCE


Social media is impacting the value of your cryptocurrency. This cross-platform audit will show how to improve consumer and influencer sentiment.

CONTACT US