Celsius Network Paid $250M Worth Rewards to 415,000 Users
Celcius Network, a democratized peer-to-peer borrowing and lending platform to offer fair interest rates, zero fees, etc., marked a new milestone as it disbursed $250+ million worth of rewards to its community of 415,000 loyal members since mid-2018. The news broke the internet soon after the company announced the same to the news media and stated that Celsius continues to grow rapidly and has managed to disrupt the financial space because it caters to the contemporary needs of the financial market instead of the traditional setup.
Interestingly, the differentiation strategy that places Celcius above other players is unique. While most players, including banks, continue to amass higher profits from its users, Celcius shares a whopping 80% of its profit. News reports brought an interesting fact to the surface as they stated that the Celcius users have an opportunity to earn up to 18.55% Annual Percentage Yield (APY) weekly. In November 2020, Celsius had paid out $ 80 million in rewards, and the recent reward is over three times more than that.
According to the media report, Alex Mashinsky, CEO at Celsius, expressed his views by saying that Network is community-centric and is driven by offering transparent and most beneficial financial services to uphold its reputation for being a trustworthy service provider in the market. And this milestone has proved that Celcius drives the most lucrative opportunities dedicated to bringing second to none financial services to its users.
The Celcius network’s success has helped Alex Mashinsky secure 63rd rank on The Cointelegraph Top 100 this year. Celsius network offers CEL, its crypto token, as well as ERC-20 utility tokens, apart from other 40+ tokens available on its platform. While most banks following traditional systems have fetched almost 0% rewards, Celsius has offered 80% of its profits with its loyal customer base. And steps such as these have catapulted in success, delivering as high as $8 billion in cryptocurrency assets. The CEL token offers rewards as high as 16.54 APY, and users can benefit from trading the same. The network has a list of rewards that differ from crypto to crypto. You can read out more about the Celsius Network crypto loan platform review or overview.