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What is Celsius Network | Cryptocurrency Interest Accounts and Lending Review

Wondering if Celsius Network is a legitimate way to earn passive income on your crypto? We’ve got all the answers for you right here in this review.

The post What is Celsius Network | Cryptocurrency Interest Accounts and Lending Review appeared first on CoinCentral.

Republished by Plato

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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: 

  1. You deposit cryptocurrency into the Celsius app.
  2. The company then loans those funds out to retail and institutional borrowers.
  3. 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.

A comparison of interest rates (Source: Celsius)

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).

Celsius Network Interest Rates

Celsius Network offers competitive APRs on several cryptocurrencies.

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.

Celsius Network app

The Celsius app supports a wide variety of cryptocurrency.

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. 

A list of the Celsius stablecoins and their APY. (Source: Celsius)

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.

Source: https://coincentral.com/celsius-network-review/

Blockchain

Bitcoin HODL Waves Suggest Bull Run Has Barely Started

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Analyzing Bitcoin HODL Waves from previous bull runs as led crypto YouTuber and analyst Lark Davis to the conclusion that this cycle is still in its infancy.

He added that we are just now past the first major price wave, “get ready for wave 2”.

The chart depicts three distinct price waves for every market cycle back to 2011. The current cycle shows just one wave cresting at Bitcoin’s recent all-time high of $58,250 on Feb. 21. This indicates that, if history rhymes, there could be two larger ones to come especially if corporate giants keep buying it.

Bitcoin Being Hodled

HODL Waves are a visualization pioneered by Unchained Capital which shows the cross-section of Bitcoin held in wallets grouped by the age since they last moved. The Bitcoin financial services company explained;

“By comparing the age of bitcoin sitting in addresses to the current US dollar prices, we can make some interesting conjectures about the bitcoin economy and the sentiment of HODLers.”

Glassnode has extrapolated the short-term HODL waves and overlaid them on the logarithmic scale price chart. Using these metrics it does appear that there is a lot more to go with this bull run, but there are many other on-chain and fundamental factors to consider.

One of them is them is the central bank money printing narrative which could drive wild inflation and devalue global currencies. Trillions of new dollars have been printed for stimulus purposes in the U.S. alone since the Covid-19 pandemic put the economy into shutdown mode in early 2020.

Vice President of digital asset strategy at Fundstrat Global Advisor, Leeor Shimron, compared Bitcoin to M1 money stock – the country’s basic money supply that is used as a medium of exchange. He also thinks this cycle could “get very wild” in the face of unprecedented money printing.

BTC Price Outlook

At the time of press, BTC was trading at $49,250, down from its recent weekly high of $52,580 hit in late trading on March 3 according to Tradingview.com.

Momentum is still bullish from a weekend swing low to $43,300 but the asset needs to break above resistance at $55,250 to push towards a new all-time high.

March has traditionally been a bearish month for Bitcoin and crypto markets so this move may come later in the year.

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Source: https://cryptopotato.com/bitcoin-hodl-waves-suggest-bull-run-as-barely-started/

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Blockchain

Ripple CEO files motion to dismiss SEC complaint citing ‘abuse of prosecutorial discretion’

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Ripple CEO Brad Garlinghouse has filed a motion to dismiss the SEC’s amended complaint against him, calling it “regulatory overreach.”

The exec took to Twitter to announce his position on the SEC’s charges against him and Ripple Labs Inc. by sharing a link to the letter filed on his behalf, saying that “it speaks for itself.” According to the said letter, the SEC’s allegations against Garlinghouse fail on account of a number of reasons.

The same, addressed to U.S District Court Judge Analisa Torres, claimed,

“First, the SEC fails to recognize the economic realities of Defendants’ transactions in XRP, the XRP market, and Ripple’s business, each of which exhibits none of the traditional characteristics of an investment contract.”

The motion to dismiss, filed by Cleary Gottlieb Steen and Hamilton, also commented on the SEC’s amended complaint, while also expanding on the regulatory agency personally targeting Garlinghouse for the alleged violation of securities laws.

“Straining to impose personal liability on an executive like Mr. Garlinghouse for simply doing his job where he reasonably understood that his actions complied with the law represents an abuse of prosecutorial discretion that has sent a dangerous signal to entrepreneurs and will chill innovation.”

Garlinghouse was reported to have sold over 60% of his XRP holdings for approximately $159 million at the time of those transactions, leaving him with 200 million XRP tokens. While holding 200 million XRP tokens is a considerably long position, some members of the community feel that Garlinghouse selling a majority of his XRP is disingenuous on his part.

In fact, Ripple’s lawyers have argued that the SEC’s allegations with respect to Garlinghouse’s XRP sales are “vague,” with no particular reference to any of these transactions occurring within the United States.

“The truth is that the vast majority of Mr. Garlinghouse’s XRP sales were made on foreign exchanges, and those transactions do not and cannot violate the federal securities laws,” they asserted.

XRP was trading at $0.4660 at press time, down by over 25% from a high of $0.6338 in February.


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Source: https://ambcrypto.com/ripple-ceo-files-motion-to-dismiss-sec-complaint-citing-abuse-of-prosecutorial-discretion

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Blockchain

OKEx Lists Chiliz, Enables CHZ/USDT and CHZ/BTC Spot Trading

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The blockchain-based fan engagement platform Socios.com received a huge boost after its native asset Chiliz (CHZ) was listed on OKEx – a leading global crypto exchange and derivatives trading platform. The popular digital currency for the sporting and entertainment industries, CHZ became available for spot trading against USDT and BTC at 10 AM UTC on March 3, 2021.

The CHZ blockchain’s Socios.com allows sporting teams and clubs to create Fan Tokens to connect and engage with their fans. These Fan Tokens will act as membership cards, providing its holders with the privilege to participate in various decision-making processes of their favorite teams. In addition, fan token holders will also be eligible for exclusive access to team events, merchandise and other rewards. Socios.com has already partnered with some of the biggest sporting teams and clubs including the likes of AC Milan, FC Barcelona, Juventus, UFC and more.

According to Chiliz, their Fan Token model has also helped sporting organizations unlock new revenue streams, enabling them to overcome losses in the form of poor ticket sales, lost sponsorship deals etc., during the pandemic.

Acknowledging the role of Chiliz in promoting blockchain technology, CEO of OKEx Jay Hao said, “Chiliz has uncovered another key use case for blockchain technology showing how the sports and entertainment industries can adapt to an increasingly digital world and create new revenue streams beyond traditional sources. As more and more fans begin to engage with clubs and teams through fan tokens, the use of cryptocurrencies becomes continuously more mainstream. OKEx couldn’t be happier to support this important initiative.”

Celebrating the new listing, OKEx is distributing $150,000 worth of Fan Tokens to the CHZ community members through lucky draw. Users depositing or trading CHZ on OKEx until March 10, 2021, will be eligible for the giveaway program. Up to $10,000 worth of Fan Tokens is earmarked for referral rewards.

OKEx will be activating CHZ withdrawals on the platform starting 10 AM UTC on March 4, 2021.

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Source: https://www.newsbtc.com/news/company/okex-lists-chiliz-enables-chz-usdt-and-chz-btc-spot-trading/

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