As blockchain as a whole continues to evolve were met with lots and lots of new projects entering the blockchain sphere. We figured why not test them out and see what projects have potential. Our team took careful consideration when reviewing Celsius Network as with any project. Needless to say we were blown out of the water from how easy and simple it was to start up and earn interest on crypto. READ BELOW TO FIND OUT MORE!
What is Celsius Network?
Celsius Network is a mobile app that enables crypto hodlers the ability to earn interest income and lending services utilizing cryptocurrency. Like most hodlers out there, I took my by surprise that I'm able to earn interest on my crypto holdings and the rates provided were significantly larger than any traditional or major bank out there. Below are this week's interest rates (June 26, 2020 - July 3, 2020)
*Earned in CEL are rewards for users who opt to turn all earned interest into CEL tokens. Interest earned is always stored directly into Celsius Network Wallet. Some users are excluded from Earn in CEL rewards (USA residents, and some others). APY earnings are estimated earnings for a 52 calendar week period (APY is 8.69% and your holding is $100, you would multiply 100x0.0869 to get $8.69 a year on your savings; however since its paid out weekly you'd divide 8.69 by 52 calendar weeks to get ~$0.17 per week just for holding your stable coin)
USDC 8.69% APY or 11.90% earned in CEL
BTC 4.03% APY or 6.20% earned in CEL
Interest rates work on weekly basis with payouts occurring every Monday. Best part too is that your earned interest compounds for the next payout, which means compounded interest gains. While we won't disclose the exact amount held and earned, we do want to say we were happy with the compounding interest.
Summarized by CoinMarketCap "Celsius or CEL is a cryptocurrency token and operates on the Ethereum platform. Celsius has a current supply of 695,658,160.967 with 238,863,519.826 in circulat The last known price of Celsius is $0.432832 USD and is up 4.76% over the last 24 hours. It is currently trading on 11 active market (s) with $673,918.03 traded over the last 24 hours."
Currently 24 different cryptocurrencies, stable coins and gold can be used to earn interest on your holdings. The following are currently on the CEL Network Application as of July 3, 2020:
BTC // ETH // CEL // USDT // GUSD // USDC // TUSD // TAUD // TCAD // THKD // TGBP // PAX // SGA // MCDAI // DASH // ETC // ZRX // EOS // LTC // BCH // XRP // OMG // XLM // XAUT
BE WARNED THAT CELSIUS NETWORK DOESN'T PROVIDE PRIVATE KEYS.
Actively utilizing the platform and storing as much as we felt comfortable with, the platform seems to be a success and our team gives the Celsius team an 8 out 10 rating on the utilization of the platform and token. Great interest rates and the entire system felt secure, however the GUI and App itself fell short several times throughout the test period. We'd be kicked out after just answering a text for a second and returning to the app so we'd be required to submit our 2FA again and again. The token itself has had tremendous milestones accomplished by hitting an ATH of $0.52 in June 2020 compared to its ATL at $0.02 in October 2018.
If you'd like to learn more please follow this link: https://support.celsius.network/hc/en-us
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