The Celsius crypto yield platform now holds over 100 Bitcoin, according to a press release released today by the company. BTC accounts for roughly 25% of the platform’s total community wealth.
Celsius: The ins and outs
Despite a challenging month for Bitcoin in May, the company also reported that BTC users with inflows have more than doubled the number of users transferring BTC, with around 750,000 users worldwide. The company’s pioneering transition from 100,000 BTC holdings sets a new corporate high.
APY rewards for Celsius users vary, generally between 3.51% and 6.2% for US users, depending on the amount of BTC on their account. International customers are currently offered 4.4% APY for BTC on their Celsius accounts. In today’s press release, the company noted that nearly 2,500 BTC has been paid out to customers in the form of crypto rewards.
The other side of Celsius’s business is borrowing; The company offers no underwriting fees, no credit checks, easy refinancing options, and aggressive interest rates to borrowers in both USD and a variety of stablecoins. Crypto loans have grown in popularity recently and could potentially improve overall liquidity and pricing for many assets, but they also come with inherent risks.
Related reading | Celsius Network’s CEL tokens now listed on OKEx
Celsius continues to emerge in a competitive DeFi crypto lending landscape, battling notable competitors like Nexo and BlockFi. Aggressive prices are still an important sticking point for consumers. BlockFi currently offers between 0.5% and 5% APY on BTC rates, and Nexo currently offers between 6% and 8% APY on BTC rates. The rates are often variable and can fluctuate and also depend on whether the consumer redeems them via BTC or via the platform’s native coin. However, native token rewards are typically inaccessible to US consumers.
Celsius' native token, CEL, is sitting at record high levels lately. | Source: CEL-USD on TradingView.com
What it means
Celsius started in 2017 and is now trying to maintain a somewhat aggressive strategy to expand its position in the market and amass over $ 5 billion in crypto assets. The company continues to seek partnerships to fuel growth, including a recent partnership with NBA athlete and crypto entrepreneur Spencer Dinwiddie and increasing talks about the company’s upcoming web app.
Additionally, the platform could likely consider other corporate partners to drive growth as well. Last month, the platform partnered with B21 Crypto, a global mobile-centric crypto platform. This enabled B21 to introduce a new “Earn” feature that allows the company’s users in 82 different countries to access the weekly earnings services that Celsius offers its consumers. The company has also continued to invest in similar already established partnerships, including the Liquid crypto exchange. Liquid was the first exchange to support the Celsius native CEL token in 2019.
Related reading | Passive Income, a unique blockchain token that reinvents DeFi income generation
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