Celsius, Network, powered by a global community of members, aims to create a peer-to-peer platform for coin lending and borrowing by offering attractive interest rates for users. Founder of Celsius, Alex Mashinsky, explains the idea behind this vision.
Celsius enables any coin holder to earn interest on their crypto, opening many financial doors for everyone around the world.
One of the most important goals is to add millions of crypto users to the market, including serving populations being left out who are “unbankable” according to traditional banking systems.
How it works: The Celsius wallet pays interest on the cryptocurrency a user holds in their wallet. It also lets users borrow against deposits. Users can earn interest when their crypto is used by hedge funds or large crypto funds in short sales. Borrowers only pay back interest, as the coins are held as collateral.
At any time a borrower can pay back the entire loan, withdraw the coins and move them somewhere else.
All money earnings and payouts stay in the crypto community, therefore avoiding the hassle and excess fees and interest from the traditional banking system.