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Crypto-lending is on the rise with Celsius Network surpassing $1 billion

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One of the fastest growing sectors within the cryptocurrency space is cryptocurrency lending.

Here platforms offer a range of services, both for borrowers looking to get some extra funds but also for cryptocurrency holders that want to take advantage of the interest-earning part and lend out their cryptocurrencies.

And one of these crypto lending platforms that are making headway, and showing some big volumes is Celsius Network.

Celsius Network lets crypto-holders earn interest rates up to 11.90% annually which is starting to compete with fiat money savings accounts and other types of investments.

They also provide borrowers with a direct way to get alternative fundings via crypto-backed loans. Here a borrower puts down Bitcoin, Ether, Litecoin or another cryptocurrency as collateral and then they can take out cash or stablecoin loans.

Celsius Network passed the $1 billion mark

Recently Celsius Network, one of the most popular crypto lending platforms announced that they have now surpassed $1 billion in cryptocurrency deposits.

This is an impressive amount, considering they only launched less than two years ago. And it is showing genuine interest in these types of services from both lenders and borrowers.

So far the company has also paid out $17 million in interest for the holders that have joined its platform.

This shows that there are ways for cryptocurrencies like BTC, ETH, XRP and others to take on the non-cryptocurrency space and provide equally as useful alternatives.

In the aftermath of BlockFi’s hacking attempt these positive news is surely welcomed by crypto enthusiasts and investors.

Celsius Network sees this growth as a clear example of how wealth can be shifting around the world, through the help of cryptocurrencies.

“Financial equality and economic opportunity are more important today than ever before. We are experiencing a catalyst that requires a fundamental change in the way we earn and distribute wealth, not only in the US but around the world”

Alex Mashinsky, CEO of Celsius Network

Cryptocurrency lending is the leading example of mainstream adoption

Credmark report on CeFi vs DeFi volumes in the cryptocurrency lending sector graph and numbers

According to a report by Credmark the crypto lending market surpasses $8 billion as of Q4 2019.

But this number is growing fast and it is tipped by experts in this sector that Bitcoin and cryptocurrency-backed loans are leading the way for cryptocurrency adoption.

Cryptocurrency lending shows how these two worlds, cryptocurrencies and fiat money can be combined with great benefits.

It provides long term cryptocurrency investors with a pathway to get temporary access to fiat money while still keeping a part of their cryptocurrency investments.

There are lots of use cases for cryptocurrency lending and Celsius together with others like BlockFi and Bankera are examples of a new wave of interesting cryptocurrency startups.

There will be ongoing discussion concerning the decentralised alternatives or the private, and centralised ones. Truth of the matter cryptocurrency loans are attracting all types of people and it is one of the fastest growing sectors.

Find other guides:

  1. Coinbase crashes when Bitcoin hits $10k
  2. Best ways of earning passive income from crypto
  3. The best proof of stake cryptos
  4. Most profitable PoS coins

Source: https://gocryptowise.com/blog/crypto-lending-is-on-the-rise-with-celsius-network-surpassing-1-billion/

Blockchain

Cudos Partners With Zero Services

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[PRESS RELEASE – London, England, 21st September 2021]

As we accelerate towards Mainnet, we’ve launched our incentivized public testnet – Project Artemis. To assist potential individual Validators in joining the network, we’ve partnered with a European managed services and co-location provider, Zero Services.

Zero Services GmbH is a team of crypto enthusiasts, providing managed services, monitoring, and operating multiple PoPs (point of presences) spread across Europe, Asia, and South America.

Their current promo consists of co-location (power, cooling, physical security), connectivity (internet access), and hardware renting. They’re optimized for Validator operations, assembling hardware specs you provide and installing, operating, and monitoring your Cudos instances.

The primary location for Zero Services is Europe’s internet hub – Frankfurt, Germany. The company is also in Finland, Netherlands, Spain, Singapore, while Japan and Brazil will be coming soon.

“We are very excited about our new partnership with Cudos, as we are constantly looking for decentralised storage and computing projects, which will offer products with a vision to connect blockchain with the traditional business world. Moreover, Cudos empowers an efficient use of computational resources and unites this with decentralisation for additional security to the network.

We’d also love to enable people to have new revenue streams provided by their hardware. We know that with Cudos, we have found a partner who can help us achieve all this“, said Denis Pavlak, CEO of Zero Services GmbH.

“Running a validator node for any project can be technically challenging and time-intensive. This often puts it out of reach for token funds and community buyers who wish to contribute to the network beyond the passive earning they get from staking. In Zero Services, we have secured an experienced and reputable hosting provider that fully manages the validator node for the operator. Their team has also joined our validator community on Discord, offering assistance and advice to those running Validator nodes. They truly embody the blockchain ethos of ‘community’ and we are proud to have them as a partner”, added Pete Hill, our VP of Sales.

How to contact Zero Services?

If you want to join the Cudos network but want hassle-free onboarding and constant support, reach out to Zero Services GmbH via Telegram, email, Twitter, or check out their website.

About Cudos

The Cudos Network is a layer 1 blockchain and layer 2 computation and oracle network designed to ensure decentralized, permissionless access to high-performance computing at scale and enable scaling of computing resources to 100,000’s of nodes. Once bridged onto Ethereum, Algorand, Polkadot, and Cosmos, Cudos will enable scalable compute and Layer 2 Oracles on all of the bridged blockchains.

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Source: https://cryptopotato.com/cudos-partners-with-zero-services/

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Investors must brace themselves as Bitcoin Cash goes downhill in the coming weeks

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Though off to a strong start in September, Bitcoin Cash seemed to have taken its foot off the pedal. Caught between two corrective phases on 7 and 20 September, the price steadily declined after forming a local peak above $800.

Moreover, BCH’s latest drawdown towards 38.2% Fibonacci level identified vulnerabilities in the market which could extend all the way back to July lows. With sentiment also expected to be sour due to a recent death cross, BCH bulls certainly faced a tall mountain to climb. At the time of writing, BCH traded at $549.2, down by 4.8% over the last 24 hours.

BCH Daily Chart

Source: BCH/USD, TradingView

A near 16% decline from the 50% Fibonacci level pushed BCH to the all important 38.2% Fibonacci level. Back in late-June, BCH suffered a 31% sell-off after it pierced below the aforementioned level on the back of a descending triangle. Hence, to dissuade short-sellers from the market, BCH would need to keep its neck above the $540-mark.

However, certain factors in the market could not be overlooked. For instance, each of BCH’s indicators slipped below their equilibrium points for the first time in nearly 2-months, while a negative crossover between the 20-SMA (red) and 200-SMA (green) created some more uncertainties.

Reasoning 

Even though corrective phases have been overserved previously in the market, BCH’s RSI held above it mid-line. This was not the case anymore after the RSI shifted below 45 and into bearish territory. In fact, the RSI was yet to touch the oversold territory, which meant that BCH could see some more losses rather than an immediate reversal. Such was the case with the MACD and Awesome Oscillator as well, which slipped below their equilibrium levels. If sentiment continues to be weak, the 23.6% Fibonacci level and $400 would come back into play.

Conclusion 

Bitcoin Cash’s long term narrative took quite a hit after prices declined below the 50% Fibonacci mark. In fact, this also negated a bullish setup which was highlighted in an earlier article. BCH’s indicators also fell into bearish zones  after this retracement. Considering these factors, BCH was open to a further sell-off towards the $400-mark in the coming weeks.

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Source: https://ambcrypto.com/investors-must-brace-themselves-as-bitcoin-cash-goes-downhill-in-the-coming-weeks

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Indian government cautious about crypto-adoption, CBDC is a possibility

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Indian traders and exchanges might be bullish about the crypto market, but the Indian  government doesn’t seem keen on rushing into the scene. At least, not until studying its homegrown fintech industry and the anti-Bitcoin protests in El Salvador.

Tracking global news

Indian finance minister Nirmala Sitharaman in a recent interview with Hindustan Times explained why the country seemed to be falling behind when it came to crypto adoption.

Though she admitted, El Salvador wasn’t “the best example,” Sitharaman said,

“You’d think common people don’t care about digital currency; but the public took to the streets against the move. It’s not a question of literacy or understanding – it’s also a question of to what extent this is a transparent currency; is it going to be a currency available for everyone?”

Sitharaman referred to CBDCs as a “legitimate” cryptocurrency and admitted there could be a “possibility,” in hat regard. She noted that India held the “strength of the technology” and acknowledged the need to formulate a Cabinet note. However, Sitharaman wondered if India was ready to follow El Salvador’s way.

Facts on the ground

Though accessibility is a pressing concern, more Indians have discovered crypto than perhaps expected.

Nischal Shetty, CEO of the Indian crypto exchange WazirX – a subsidiary of Binance Holdings – has stated that WazirX sign-ups from India’s tier-two and tier-three cities overtook those from tier-one cities this year. Even so, sign-ups from tier-one cities themselves saw a 2,375% rise. Furthermore, WazirX added one million users in April 2021 alone.

Adding to this, the cost of electricity and Internet data in India are relatively cheaper, which could boost both crypto trading and mining in the future. However, at the last count, there was only one Bitcoin ATM in the whole country.

As per data by Useful Tulips, which combined data from Paxful and LocalBitcoins, India saw transfers worth around $4,502,369 in the last two weeks.

Could anti-Bitcoin protests happen in India?

There is evidence to support both sides. India has a strong history of mass protests, with the farmers’ protests against the government’s agricultural laws being one such example. The 2016 demonetization of part of the country’s paper currency still haunts many, and Internet penetration is yet to cross 50%.

However, India also has the largest diaspora in the world, with approximately 18 million people living outside the country. Crypto innovation could lead to hundreds of millions of dollars being saved on remittance charges as money is sent across borders.

But for the time being, it seems India’s urban residents are more bullish about crypto than its government.

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Source: https://ambcrypto.com/indian-government-cautious-about-crypto-adoption-cbdc-is-a-possibility

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