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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.



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.



Post-Bitcoin’s Mild Drop, El Salvador’s Bukele Reveals Excitement For A Larger Bitcoin Dip



Why Bitcoin Is Unlikely To Ever Experience Another March-Like 50% Price Drop

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Key Takeaways 

  • President Nayib Bukele is unfazed by Bitcoin’s price dip to $60k.
  • Bukele teases need for lower lows in a bid to tap into perfect entry point. 
  • El Salvador shows no sign of disposing its Bitcoin holdings in the long term.

The president of El Salvador is showing himself to be unshaken by Bitcoin’s price volatility. President Nayib Bukele is beginning to adopt the culture of calmness that many Bitcoin proponents have shown over the years when the market is hindered by a price drop.

In a recent tweet, the President is seen asking his followers whether to buy the dip or not. He then proceeds to tease the need for Bitcoin to drop even further, so as to allow him an opportunity to buy the asset at a much lower price.

“Should we buy the dip?

Or is it too small?

Come on guys, we need a better discount here!” said Bukele in a recent tweet.

The concept of buying low and holding till the price of Bitcoin goes higher is one that key players have preached and presented continuously as the least risky and most promising way to hold Bitcoin.

Because maximalists’ views are often tied around the belief that Bitcoin has more upside potential in every market —whether bearish or bullish— the act of holding regardless of how low the prices drop, is an indicator that the holders’ sentiments are bullish in the long term.

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BTCUSD Chart By TradingView

For President Nayib Bukele who has expressed similar views in the past, it is clear where he stands with Bitcoin at this time. Recall that back in September, El Salvador bought an additional 150 Bitcoins, following the selloff that caused Bitcoin to shed $5,000 and sent its price down to $45,000.

Although Bukele’s methods have attracted criticism from many onlookers, his pattern of buying the dip is a bet that could pay off greatly in the long term.

In the past, long-term holders have also seen the most success with Bitcoin. Reports from on-chain analytical platform Glassnode have recorded holders who have not sold their assets for more than 3-years.

Notably, last year, when the price of Bitcoin hit $20,000, these holders saw their asset value surge significantly. However, for institutions and traders, the culture of exiting to avoid a perceived bear trend is normal. But for El Salvador, the question of selling seems to be out of the picture for now.

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Bitcoin Futures ETF is so popular that it’s breaching futures limits set by TradFi



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The first US Bitcoin (BTC) exchange-traded fund is rapidly getting close to breaching a limit on the number of futures contracts it is permitted to hold, Bloomberg reported.

Just days after launch, the ProShares Bitcoin Strategy ETF (BITO) already owns nearly 1,900 contracts for October, and Chicago Mercantile Exchange (CME) limits the number of front-month contracts to 2,000.

Record trading volume

After two days of trading, the fund already had more than $1 billion under management, read the report.

The Bitcoin Futures ETF amassed 1,400 November contracts in order to avoid breaching the limit, but judging by the unprecedented early volume, BITO could soon hit the maximum total position of 5,000 contracts.

The launch of competing products, such as Valkyrie’s and VanEck’s Bitcoin Strategy ETFs, could ease the demand for BITO.

One solution to avoid hitting the limit would entail BITO to spread out its holdings into longer-dated contracts, but that poses a risk of further distancing the fund from the performance of Bitcoin.

“The end result is the ETF will start taking on potentially significant tracking error versus the spot price of Bitcoin,” president of advisory firm The ETF Store, Nate Geraci, told Bloomberg.

“The ETF is forced to obtain Bitcoin price exposure at higher and higher prices as it goes further out on the futures curve,” he explained.

Spot-based Bitcoin ETFs to the rescue

“The unprecedented early volume in BITO makes it like a snowball rolling downhill, as liquidity and assets beget more liquidity and assets,” according to Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, who commented for the report.

“The new ones will have some selling points such as only holding the front month or being cheaper and that will help, but it is nearly impossible to steal volume in the short or medium-term,” he added, arguing that the momentum behind the ProShares fund will be hard to stop.

According to Balchunas, BITO’s success and “the clear issue of the potential capacity of futures“ may prompt the SEC to speed up the approval of Bitcoin spot ETFs.

“That certainly would do the trick in slowing down BITO and providing a release valve for futures demand,” he added for the report.

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Pokémon GO November Planned Events

Here’s a breakdown of the planned November 2021 events for Pokémon GO.




Here's a breakdown of the planned November 2021 events for Pokémon GO.

Here’s a breakdown of the planned November 2021 events for Pokémon GO. / Photo courtesy of Niantic

In addition to Research Breakthrough encounters, Mega and 5-Star Raids, and Spotlight Hours, November appears to be another promising month for Pokémon GO with four planned events on the way.

Here’s a breakdown of the planned November 2021 events for Pokémon GO.

Niantic published the full list in its official news blog post detailing all the upcoming events of November 2021. More details for these events are said to be coming soon, but here’s what we know about the roadmap so far.

From ​​Friday, Nov. 5, to Sunday, Nov. 14, Niantic will be inviting trainers to celebrate light overcoming darkness with an all-new event called the Festival of Lights.

Similar to last year’s first-ever Day of the Dead special event for trainers in Latin America, Pokémon GO will be hosting a Día de Muertos special event for trainers around the world from Monday, Nov. 1, to Tuesday, Nov. 2.

Pokémon GO will also be having a Brilliant Diamond and Shining Pearl Celebration Event to commemorate the launch of the upcoming titles from Tuesday, Nov. 16, to Sunday, Nov. 21.

Lastly, the Season of Mischief will reportedly close out with an “epic” event that has yet to be revealed. From Friday, Nov. 26, to Monday, Nov. 29, trainers who completed the Misunderstood Mischief Special Research story will be able to unlock a Special Research story where they will have an opportunity to “learn more” about Hoopa.

For more on Pokémon GO, feel free to check out our coverage of the November Community Day reveal, and the October Limited Research.


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