Retail crypto deposits on Celsius Network hits $1 billion

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Leading digital currency lending and interest-earning company, Celsius Network announced in a press release on Friday that its digital currency deposits have reached as high as $1 billion. Notably, the platform has also recorded increased participation and growth on the side of users.

Retail crypto deposits on Celsius spikes

Per the report, the growth of crypto deposits in Celsius follows the launch of the company’s mobile application, which was released in less than two years. In addition to seeing increased profitability earlier in 2020, Celsius noted more participation – at least 110,000 active customers.

Amid the increased crypto deposits on Celsius, the company has equally paid out interest rewards to its users worth $17 million presently, per the report. For Bitcoin Interest, Celsius mentioned that it paid up to $12 million, which is higher when compared to other platforms.

More so, Celsius said it distributed about $3 million in ‘CEL’ – a digital currency created by the company – to its vast users as Interest. Meanwhile, the cryptocurrency reportedly performed well, reaching new ATH, and has been listed on Coinmarketcap among the best 100 cryptocurrencies.

$4.25 billion crypto loan in 2019

With the objective of enabling financial freedom across the world, the $1 billion crypto deposits on Celsius could be considered as the beginning, according to the company. The CEO at Celsius, Alex Mashinsky, added:

Financial equality and economic opportunity are more important today than ever before. We are experiencing a catalyst that requires a fundamental change in the way we earn and distribute wealth, not only in the US but around the world.

In November 2019, Cryptopolitan reported that the total cryptocurrency loan at Celsius had reached $4.25 billion, that is, after 13 months of operation. Meanwhile, the report only confirmed a $450 million in crypto deposits on Celsius, which is huge compared to the new release.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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