As the crypto industry continues to gain traction, Celsius Network has announced a record of $5.3 billion in cryptocurrency deposits.
According to an announcement today, the cryptocurrency lending platform noted that the feat made it become the second-largest digital asset manager globally.
Celsius has grown tremendously as the platform seems to be a hub for both cryptocurrency lenders and borrowers.
In just three years after it was created, the platform currently boasts of more than 340,000 active users and has paid more than $200 million in interest rewards to the Celsius community to date.
Commenting on the development, Alex Mashinsky, CEO of Celsius, said the feat comes on the heels of the U.S. treasury’s decision to continuously print an unlimited amount of the United States dollars (USD), to cushion the effect of the coronavirus (COVID-19) pandemic.
Although the U.S. government made the move in good faith, it affected the USD’s value, which prompted many people to troop into the crypto space to preserve the value of their money.
“As we see record numbers of institutions and retail users entering the space, they are looking for a store of value and yield to protect their assets from the debasement of the U.S. Dollar,” Mashinsky said.
Launched in 2017, Celsius Network provides a decentralized platform that enables USDC users to receive up to 13.86% interest, while Ethereum and Bitcoin holders can earn 6.61% and 6.20%, respectively.
So far, the crypto app supports 45 different tokens, including its native cryptocurrency CEL. The New York-based firm said more than 52% of its users prefer to earn CEL tokens’ interests.
$CEL Reacts Positively
With most Celsius users choosing to receive interest in CEL in recent times, it has reflected positively in the cryptocurrency price. The token has recorded significant growth since the beginning of the year.
Earlier this month, the token reached a new all-time high (ATH) and changed hands at $6.48, and has since fallen to $4.63 at the time of writing.
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