What is Celsius Network?
You can think of Celsius Network as a borrowing and lending platform for your crypto. It is a peer-to-peer (p2p) lending model.
Here's how it works:
- Deposit your cryptocurrencies of choice
- Your crypto is then lent to institutional traders, hedge funds, and exchanges
- Weekly on Mondays, crypto payouts are sent out from these loans*
This number is determined by the earnings Celsius receives from these loans*.
Unbank Yourself With Celsius Network
Now that you a better sense of what banks do, consider the polar opposite. This is how Celsius Network positions itself in the crypto space.
That 80% of bank profits you learned about above is key. Flip that number on its head and that is what Celsius Network is about in a nutshell.
Weekly, Celsius' community receives 80% of what Celsius Network, the business, earns in total revenue. The community receives these payouts in the form of earned interest.
Through ~9% asset-backed loans, cryptocurrency coins are lent to institutional traders, hedge funds, and exchanges. This is how Celsius Network earns its profits.
What's the Temperature on Celsius Network?
It is our pleasure to offer you the 411 on the Celsius Network. By now, you ought to have a better understanding of the platform at large.
With anything new, it is best to do your due diligence. We encourage you to do your own research and ask around. Crypto Twitter is always a good source of information.
For the best crypto source out there, you'll want to stick around and check out our reviews. You'll be a whale in no time!
What's unique about Celsius Network?
Celsius Network offer a native cryptocurrency called CEL token. This currency has grown faster than Bitcoin over the last 12 months and they offer more competitive interest rates for both savings accounts and loans when using this native token.
How safe is Celsius Network?
Celsius Network’s wallets are stored and insured by BitGo. Each wallet is insured for up to $100m by Lloyds Insurance. The app also provides two-factor authentication.