Headlines are updated in real time. Click on a headline to the left to read the news.
Celsius Network is a comprehensive banking and financial services platform designed specifically for cryptocurrency users. Launched in 2018, it provides rewards for depositing cryptocurrency and offers services such as loans and wallet-style payments. Users of the platform receive regular payouts and interest on their holdings. The native token of the platform, CEL, is used for a variety of internal functions, including boosting user payouts if used as the payment currency.
Celsius Network was created by Alex Mashinsky and Daniel Leon in 2017. Mashinsky has a long history in internet development, having worked on the Voice Over Internet Protocol (VOIP) in the 1990s and other technologies since. Leon, the co-founder and COO, has experience focusing on growing early-stage startups. The Celsius team is composed of a large number of core employees, technical developers, and advisors with experience in various spheres.
The native token of Celsius Network is CEL. It has a maximum supply of 695,658,161 tokens, of which 76% are in circulation and 24% are locked according to a schedule laid out in the project’s technical literature. CEL had an initial coin offering (ICO) in May 2018. The presale and crowdsale took 50% of the token supply, with 27% going to the treasury, 19% to the team, and 2% to partners and advertisers respectively.
CEL is a publicly-tradable token on major exchanges, with pairs available for cryptocurrencies and stablecoins. Automated market makers (AMMs) held the majority of trading volume, with popular pairs being for Bitcoin (BTC) and Wrapped Ether (WETH).
Celsius Network aims to outperform traditional banks by offering financial services on terms which traditional financial institutions no longer offer. These include higher rates of returns on savings and deposits, easier and fairer loan requirements, and automated rewards computed for each user algorithmically. The platform also functions as a wallet via its CelPay feature, and hosts its own CEL token which users can leverage to increase payout value among other things.
Celsius Network continues to innovate and expand its services. The platform has been focusing on providing much higher rates of returns on savings and deposits, much easier and fairer loan requirements, and automated rewards computed for each user algorithmically. All penalties and bank-style fees are waived. As a for-profit company, Celsius takes a cut of profit margins on interest payments, still returning 80% to users themselves. The company also lends to institutional entities such as hedge funds. Payments are ensured because loans are asset-backed, and any borrower must supply more than 100% of what they borrow in the destination currency.
Recently, Celsius Network expanded its research and development team by acquiring MVP Workshop, a blockchain product design and development studio based in Serbia. This move added 50 experienced engineers and designers to the Celsius team, further strengthening their expertise in blockchain technology.
Due to extreme market conditions, Celsius Network has temporarily suspended all withdrawals, swaps, and transfers between accounts. This decision was made to stabilize liquidity and operations while the company takes steps to protect and preserve assets. Despite the suspension, customers will continue to accrue rewards during this pause.
The recent news about Celsius Network also highlights significant price fluctuations. The company's native token has seen a sharp drop in value, largely due to market volatility and concerns over the network's long-term viability. However, it's important to note that the crypto market is inherently volatile, and such price movements are not uncommon.
In response to the current situation, crypto lending platform Nexo has proposed an offer to acquire Celsius Network. This development indicates a growing trend in the crypto industry where platforms aim to absorb rivals' clients during challenging times. As of now, it remains to be seen how Celsius Network will respond to this proposal.
In summary, the recent news about Celsius Network has been a mix of expansion, market challenges, and potential acquisitions. As always, those interested in where to buy Celsius Network or its current price should conduct thorough research and consider the volatile nature of the crypto market.
Headlines are updated in real time. Click on a headline to the left to read the news.
Celsius Network is a comprehensive banking and financial services platform designed specifically for cryptocurrency users. Launched in 2018, it provides rewards for depositing cryptocurrency and offers services such as loans and wallet-style payments. Users of the platform receive regular payouts and interest on their holdings. The native token of the platform, CEL, is used for a variety of internal functions, including boosting user payouts if used as the payment currency.
Celsius Network was created by Alex Mashinsky and Daniel Leon in 2017. Mashinsky has a long history in internet development, having worked on the Voice Over Internet Protocol (VOIP) in the 1990s and other technologies since. Leon, the co-founder and COO, has experience focusing on growing early-stage startups. The Celsius team is composed of a large number of core employees, technical developers, and advisors with experience in various spheres.
The native token of Celsius Network is CEL. It has a maximum supply of 695,658,161 tokens, of which 76% are in circulation and 24% are locked according to a schedule laid out in the project’s technical literature. CEL had an initial coin offering (ICO) in May 2018. The presale and crowdsale took 50% of the token supply, with 27% going to the treasury, 19% to the team, and 2% to partners and advertisers respectively.
CEL is a publicly-tradable token on major exchanges, with pairs available for cryptocurrencies and stablecoins. Automated market makers (AMMs) held the majority of trading volume, with popular pairs being for Bitcoin (BTC) and Wrapped Ether (WETH).
Celsius Network aims to outperform traditional banks by offering financial services on terms which traditional financial institutions no longer offer. These include higher rates of returns on savings and deposits, easier and fairer loan requirements, and automated rewards computed for each user algorithmically. The platform also functions as a wallet via its CelPay feature, and hosts its own CEL token which users can leverage to increase payout value among other things.
Celsius Network continues to innovate and expand its services. The platform has been focusing on providing much higher rates of returns on savings and deposits, much easier and fairer loan requirements, and automated rewards computed for each user algorithmically. All penalties and bank-style fees are waived. As a for-profit company, Celsius takes a cut of profit margins on interest payments, still returning 80% to users themselves. The company also lends to institutional entities such as hedge funds. Payments are ensured because loans are asset-backed, and any borrower must supply more than 100% of what they borrow in the destination currency.
Recently, Celsius Network expanded its research and development team by acquiring MVP Workshop, a blockchain product design and development studio based in Serbia. This move added 50 experienced engineers and designers to the Celsius team, further strengthening their expertise in blockchain technology.
Due to extreme market conditions, Celsius Network has temporarily suspended all withdrawals, swaps, and transfers between accounts. This decision was made to stabilize liquidity and operations while the company takes steps to protect and preserve assets. Despite the suspension, customers will continue to accrue rewards during this pause.
The recent news about Celsius Network also highlights significant price fluctuations. The company's native token has seen a sharp drop in value, largely due to market volatility and concerns over the network's long-term viability. However, it's important to note that the crypto market is inherently volatile, and such price movements are not uncommon.
In response to the current situation, crypto lending platform Nexo has proposed an offer to acquire Celsius Network. This development indicates a growing trend in the crypto industry where platforms aim to absorb rivals' clients during challenging times. As of now, it remains to be seen how Celsius Network will respond to this proposal.
In summary, the recent news about Celsius Network has been a mix of expansion, market challenges, and potential acquisitions. As always, those interested in where to buy Celsius Network or its current price should conduct thorough research and consider the volatile nature of the crypto market.