Crypto lender Celsius has paid out $250M in rewards

Celsius, a centralized cryptocurrency lending platform, claims to have paid out over $250 million in rewards to its 415,000 customers, underscoring the fast progress of blockchain lending protocols. 

Celsius introduced the milestone in a Monday press launch that highlighted the corporate’s vital progress over the previous two years. “Celsius stays one of many fastest-growing firms in finance because it achieves new milestones week-over-week,” the corporate mentioned.

Not like decentralized finance protocols, Celsius presents a centralized various that lets customers deposit crypto property onto its platform. The deposited property are lent out to exchanges and market makers, with the overwhelming majority of curiosity funds distributed to depositors.

By November 2020, Celsius had reportedly paid out greater than $80 million in crypto rewards to depositors. That determine seems to have greater than tripled, primarily based on Monday’s press launch.

Celsius customers have the power to earn weekly rewards of as much as 18.5% annual share yield on over 40 crypto property. The corporate now manages over $8 billion in cryptocurrency property.

Alex Mashinsky, Celsius’ co-founder and CEO, mentioned:

“Celsius was constructed to behave in one of the best curiosity of the group, and now we have constantly delivered sincere, clear, and rewarding monetary providers.”

The continued progress of Celsius helped land Mashinsky a spot within the Cointelegraph High 100 for 2021. Mashinsky not solely helped put Celsius Community on the map in 2020 however he was instrumental in securing a further $20 million in crowdfunding from over 1,000 buyers. The platform’s native token, CEL, vastly outperformed most main cryptocurrencies final yr.