Crypto Lending Platform Celsius Now Holds More Than $5.3 Billion

Cryptocurrency rewards-earning platform Celsius Network announced that it now holds over $5.3 billion worth of crypto assets. The news is coming months after Chainanalysis announced that it has validated $3.3 billion in total assets held by Celsius.

With this recent evaluation, Celsius has become the second-largest digital asset manager in the world, behind Grayscale Investments. Celsius has continued to grow in asset management since last year, as the crypto asset manager has gained a considerable level of exposure and asset under management.

Since November last year when Chainanalysis made the confirmation, the company has added more than 125,000 new users, which now makes it over 340,000 total active users.

Other impressive milestones

Celsius has crossed other impressive milestones as the company prepares to gain more market share this year.

The firm now has more than 55,000 BTC held under management and more than $200 million as token rewards to the Celsius community, Besides, the platform has 45 different coins and tokens supported and earning yield. Also, the firm’s native CEL token has grown significantly, as it has hit an all-time high of $6.1, making it on the top 40 list of Coinmarketcap.

Celsius enables thousands of users and consumers to gain financial impendence through investments in digital currencies. It offers instant low-cost digital asset loans that are accessible through a mobile app or via the web.

It is designed on the principle that financial services should only operate for the best interest of the community and the customers. Membership in the fee-free platform offers access to curated financial services that are unavailable in traditional financial institutions. The company was established in 2017. It started offering a decentralized trading platform that enables customers to earn up to 10 percent of their crypto shares. It also enables Ethereum holders to earn about 9 percent from their investments.

In May 2018, the company raised about $50 million through an initial coin offering. The startup lends its assets to retail investors, investment funds, and miners on a collateralized basis.

The company said 80 percent of the returns are passed on to holders.