Celsius Network, a decentralized lending and borrowing platform, has hit a new milestone, as its cryptocurrency deposits have now scaled the $1 billion mark.
According to the platform, its users receive up to 80% of its total revenue as profits and so far, Celsius Network has disbursed a total of $17 million to its community. $12 million of this was in bitcoin, while $3 million was distributed in the platform’s native CEL token.
Celsius Network recently revealed its intention to expand its user base by adding support for more tokens. The platform specified support for tokenized gold and promised to add more to the list in the near future.
According to CEO Alex Mashinsky, Celsius Network is the first major crypto lending platform that has pulled in significant profits. Mashinsky also added that the platform is looking to give people some autonomy, pulling them away from the archaic methods being used with traditional financial institutions. He says Celsius focuses on “unbanking” people, and providing them with better alternatives.
“We look forward to the day when billions of people leave the antiquated traditional banks behind and choose to unbank with Celsius. We proved we can bring the power back to the people.”
He also added that the platform was reserved for people who have been neglected by traditional financial institutions for various reasons, including race, gender, job status, or credit score.
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