The crypto rewards platform announced that their total assets had increased tenfold during 2020
Cryptocurrency rewards platform, Celsius, announced yesterday that its total assets had increased tenfold in 2020 and it now holds more than $5.3 billion worth of cryptocurrency assets. Celsius had already become the world’s second largest digital assets manager in November 2020 after blockchain analysis company Chainalysis validated that Celsius held total assets worth over $3.3 billion. Celsius has gained more than 125,000 new users since the Chainalysis confirmation.
Launched in 2018, the Celsius app offers users a high compounding reward income wallet, along with other financial services such as instant low cost loans and wallet style payments. The company was founded by Alex Mashinsky and Daniel Leon with the aim of disrupting the financial industry by providing services that big banks no longer offer – like fair interest, zero fees and lightning fast transactions.
Celsius listed some other achievements from the past year, including more than 55,000 bitcoins held under management, supporting 45 different tokens and coins which can earn yield, reaching over 345,000 active users globally and distributing more than $200 million in crypto rewards to the Celsius community, with over half of them choosing to receive their rewards in the native CEL token.
2020 was also a good year for the CEL token, seeing it’s price rise by over 4,600% from $0.14 at the start of 2020 to hit an all time high of $6.24 on 4 January 2021 according to data from CoinMarketCap. The price has since fallen by 30% to $4.32 at time of writing.
Celsius CEO, Alex Mashinsky spoke of the current conditions of the US economy, “The record number of new dollars being printed by the FED is making the savviest investors in the world allocate assets to Bitcoin. Our results represent the growing need of savers to diversification and the lack of trust and transparency between financial institutions and the community. We have seen time and time again that customers choose Celsius for yield and loans because they trust us, and our goal is to always act in their best interests and consistently deliver industry-leading transparency.”
Celsius delivers up to 80% of its revenue back to its customers, who can use the platform to earn up to 15% APY (annual percentage yield) in weekly compounding crypto rewards, as well as borrowing dollars against their digital assets at rates as low as 1% APR (annual percentage rate).