Cryptocurrency interest accounts and lending programs are all the rage in the blockchain space right now. Replacing greedy intermediaries, these companies enable interest-bearing cryptocurrency accounts and low-fee lending that utilizes cryptocurrency as collateral.
In doing so, they can offer higher interest rates on savings accounts and loan rates that are generally lower than traditional alternatives. Platforms such as Celsius have grown significantly since they allow users to earn a substantial passive income on your crypto holdings, particularly in comparison to fiat-based savings account interest rates.
Currently, one of the most popular cryptocurrency lending platforms is Celsius Network. In this review, we cover everything you need to know about the platform, so you can make an informed decision on whether it’s suitable for you. We go over:
You can also catch our most recent interview with Founder Alex Mashinsky, coming soon!
What is Celsius Network?
Celsius Network is a crypto lending app available on Android and iOS devices.
Similar to putting money in a savings account, storing cryptocurrency funds in Celsius earns you interest on your holdings each week. The premise is relatively simple:
- You deposit cryptocurrency into the Celsius app.
- The company then loans those funds out to retail and institutional borrowers.
- Every Monday, you receive a payment from the revenue that Celsius gains from those loans and other activities. The Celsius team boasts a return of 80% of company revenue to users.
The functionality of the app expands far beyond simple interest payments, though.
On the other side of lending, loans are available through Celsius, as well. By putting up cryptocurrency as collateral, you can take out cash (or stablecoin) loans at a range of different terms. Unlike most traditional loan services, Celsius loans don’t require a credit check and typically grant you an approval in minutes.
Although Celsius Network isn’t a wallet, per se, it includes the ability to send and receive supported cryptocurrency through CelPay. CelPay doesn’t charge any transaction fees and enables you to send crypto via a link, message, or directly in-app.
Is Celsius Network safe to use?
Yes, Celsius Network is safe for you to use.
The company was founded in 2017 by Alex Mashinsky (CEO) and Daniel Leon (Founding President and COO). Mashinsky is notable for his work bringing cell phone service and free WiFi to the New York City subways, enabling WiFI on U.S. flights, and creating Voice over IP (VoIP). And Leon has had an accomplished career as a social entrepreneur, serving as a leader at several organizations, including Atlis Labs, Beyon3D, and GroundLink.
To date, Celsius Network supports over 101,000 users worldwide containing over $730 million in assets. Additionally, the platform has facilitated nearly $5.5 billion in loan originations (about $8.2 billion in today’s BTC prices). The company has made $12 million in interest payments,
You should note, however, that Celsius Network is a custodial wallet platform. So, the company keeps control of the keys for each of your cryptocurrency wallets. While this fact shouldn’t be a deal-breaker for most people, it is essential to know.
Can you make money with Celsius Network?
Celsius Network gives you the opportunity to earn passive income on your cryptocurrency holdings, but there are a few bits of information of which you should be aware of.
The primary way to earn money with Celsius Network is by receiving interest payments on your holdings. To participate, you simply deposit cryptocurrency into a Celsius wallet. Once you’ve done that, you’ll earn interest payments to your wallet every Monday. You can choose whether you receive these payments in like-kind or in CEL (Celsius’s native token).
Beyond traditional crypto interest, Celsius Network also includes the opportunity to earn interest on gold. Rather than actual gold, though, Celsius utilizes XAUt, and ERC-20 token with gold backing.
The annual interest rates vary weekly as well as from coin to coin. However, they seem to generally be in the range of 3.00% to 11.00%. Additionally, choosing to receive your interest payments in CEL will net you a higher return. It should be noted that the “Earn in CEL” is not currently available to U.S. users.
You can calculate your estimated return with Celsius’s interest calculator:
An important warning: Currently, Celsius Network does not provide any insurance on your deposits. So if the company falls victim to a hack, for instance, there is a possibility that you will lose your funds.
Which cryptocurrencies are available on the platform?
Celsius Network pays out interest for a wide variety of cryptocurrency. The options include (but aren’t limited to):
You can also purchase BTC, ETH, XRP, BCH, LTC, and XLM directly in the app.
How is customer support?
The Celsius Network website contains a dedicated Help Center that should answer any questions you may have. It includes FAQs regarding deposits, withdrawals, and security, among several other topics.
If you can’t find what you’re looking for in the Help Center, you also have the option to submit a help request in which a Celsius representative will reach out to you via email.
Should you use Celsius Network?
In the end, the decision and responsibility to properly use Celsius Network is up to you, and you alone. Compared to other crypto loan platforms, Celsius offers some of the best interest rates in the industry – to both depositors and borrowers.
Any cryptocurrency holder stands to benefit from hearty interest rates, provided their principal amount is safe. Earning upwards of 11% on stablecoin deposits can be incredibly appealing for any investor, particularly in uncertain times. Celsius represents the leader of the pack of interest-bearing cryptocurrency accounts and lending platforms, a category with other legitimate players such as BlockFi.
Although Celsius technically holds your crypto keys and is missing traditional banking insurance fiat savings accounts enjoy, you can be reasonably confident that, with the so-far immaculate reputation of the company’s founders, your cryptocurrency should be safe.
If you’re looking to unbank yourself and separate your money from the traditional financial system, Celsius Network is a solid place to start.
All Eyes on Ethereum
One Ether now costs more than US$3000. Did you ever think you’d see the day?
You gotta hand it to the crypto markets: in some ways they’re comically predictable. A month ago, Ethereum was everyone’s favourite whipping boy, a bloated, expensive under-achiever that couldn’t even double its 2017 all-time high. Lol what a weakling.
And with competitors like Cosmos, Solana, Polygon and Polkadot nipping at its heels, perhaps this was the beginning of the end for the network that gave us smart contracts, ICOs, ERC-20 tokens, DeFi, yield farming, NFTs and, to be honest, the entire idea that blockchain was a multi-functional and era-shaping technological breakthrough that you ignored at your peril.
How things have changed. On Monday Ethereum blasted through the US$3000 mark like it was barely there, throwing on an extra 15% while it was at it. The network is now worth a shade under US$400 billion, putting it on par with Mastercard and Walmart, and officially making Vitalik Buterin, the 27-year-old prodigy who created Ethereum, a bona fide billionaire. So, is this how the Flippening begins?
Network to net worth
Due to the speed with which things move in crypto, we tend to underestimate some of the metrics that actually speak to a technology’s success. The new shiny thing is almost always more exciting than some dusty old contraption built in the positively prehistoric year of 2015. Did they even have electricity back then?
But Ethereum stands out from almost all other blockchains in that it’s already being used, at scale, by millions of people and companies. While that may seem like Business 101 – get more customers, be more successful – when it comes to blockchain usage is a particularly powerful factor because of the way it harnesses network effects to improve the value of the system itself. Use it more and the whole system becomes more valuable, both financially and practically, for the network’s users, miners, stakers, investors and developers. Oh, and Vitalik, of course.
How far we’ve come
Ethereum’s issue has always been its inability to scale. If you can’t handle hundreds or even thousands of transactions a second, then you’re not really fit for purpose as a global computer. The result for Ethereum has been a year of increasing network congestion and brutally high transaction fees. Yet the fact that so much continues to be built and transacted on Ethereum tells you exactly how strong these network effects already are.
There’s also an increasing focus on three major changes to the Ethereum network due to arrive before the end of the year:
- EIP-1559: Lifts one of DeFi’s major innovations in the field of ‘tokenomics’ by implementing a token burn system on every transaction. You use the Ethereum network, you burn some ETH, never to be seen again.
- Optimism: due for a full launch in July, the Optimism sidechain should significantly improve the speed of Ethereum by leveraging largely incomprehensible processes such as ZK-Rollups and Sharding. It’s already being used by the Synthetix protocol, where it has saved users over $10 million dollars in transaction fees.
- Ethereum 2.0: This is the big one, Ethereum’s transition from Proof-of-Work to Proof-of-Stake. It’s been coming for years, but the importance of the change cannot be overstated. Already more than 4 million Ethereum are being staked on the Ethereum 2.0 contract, offering an insight into how much ETH might fall out of circulation once the entire thing goes live (potentially in November).
In short, Ethereum is just getting started. The price might seem gaspingly high right now, but remember that Ethereum isn’t trying to be Walmart or Mastercard. It wants to be the thing that Walmart and Mastercard are built on – and that’s a prospect worth having a stake in.
CARBON: A perfect avenue for showcasing talent
Creative professionals sometimes find themselves figuring out where to showcase their creations and profit from them.
It’s a tough situation to be in. But with CARBON, the dilemma is lessened.
CARBON creates an avenue that gives creators both a place to show off their talents and a chance to earn money.
CARBON features an ecosystem of a global scale that integrates open finance, fashion, art, music, and non-fungible tokens (NFTs).
One of its objectives is to enable a community that can inspire, support, and reward professionals.
What the CARBON marketplace looks like
As what an ideal marketplace should be, CARBON has a lot to offer, helping emerging brands and artists have a shot even at the highest levels of competition they have to deal with.
Items related to fashion, art pieces, music, and digital assets such as NFTs are offered in the CARBON marketplace. A dedicated team will carefully select these products.
The market will also see exclusive collaborations featuring various artists and brands for physical commodities and digital items that will be dropped on a weekly basis.
As for its audience, they should prepare for a diverse experience brought by a market evolving into a global ecosystem.
CARBON was founded by Chad Pickard who also acts as its Chief Executive Officer (CEO). It is an open finance wallet and super ecosystem that is built for the whole world of fashion, art, music, and culture while also integrating digital assets through NFT offerings.
It has its native token, the $GEMS, and its wallet integrates Neobank functions like the financial technology company Revolut and a non-custodial smart wallet for decentralized finance (DeFi) and cryptocurrencies.
This integration allows users to hold fiat (government-backed) and digital currencies as well as NFTs in a single platform.
The wallet is linked to the market, giving users the ability to directly select items that they desire.
CARBON doesn’t just work as a marketplace where purchases can be made, but also as an avenue where professional creators get to showcase their talents and inspire others to promote their own. It provides them with a winning environment.
How Tokenplace can help crypto traders get the best buy and sell prices
Any seasoned crypto trader knows that the price of a digital currency can vary across different exchanges worldwide.
Thus, one of the basic strategies for investing in digital currencies is to scout for the best buy or sell price and that’s where Tokenplace comes in.
Access to different crypto exchanges via one platform
To take full advantage of the price variance across exchanges, some traders often resort to opening accounts on different platforms. But Tokenplace eliminates this need because the platform allows one to access different exchanges worldwide.
This means that a user will only need his Tokenplace account and password to gain access to the entire crypto market. This is a lot simpler compared to having to main multiple accounts and passwords for other exchanges for different trading pairs.
Tokenplace is basically an online trading platform and exchange aggregator. With its automated order-splitting, orders are automatically broken up to ensure that traders get the best price for every coin they want to trade.
Easy to use and features-packed trading terminal
Tokenplace is also very appealing to newer investors because it is very easy to use. For instance, users will only need to access a single window for their deposits, withdrawals, trading, and exchanging.
The platform can be accessed from both desktop and mobile devices. Tokenplace’s onboarding and one-time registration process are also one of the quickest in the industry.
Tokenplace uses advanced algorithms for its multi-exchange order splitting feature. With this high-tech tool, users can get the best buy and sell price every time they trade.
IMPORTANT NOTE: This is a paid press release, which BitcoinerX has posted as part of a commercial agreement. BitcoinerX is not responsible for producing this content and does not endorse the products or services mentioned. It is the responsibility of the company posting the press release to ensure the material is credible and accurate. BitcoinerX is not responsible for any damage or loss caused to anyone who chooses to use the company, product or services mentioned in the press release. BitcoinerX does not recommend using the information in the press release to form the sole basis of investment decisions.
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