What If i told you there is a way you can HODL your cryptos and still be able to grow its size, value and make profits from them, as you hold on to them to reach the right price you may wish selling them for, well myself Being a hodler like you, i had always wanted to atleast find a way i could keep my crypto while i make profits from it still as i wait for them to hit the prices i always feel like they are worth being sold for just like modern banks do with their investment accounts, then it wasn’t long ago when i found this awesome app that lets me benefit all that and i felt i could share it with you so that you too can enjoy the same benefits am enjoying, so firstly, am going to walk you through this awesome app that can help you benefit all that and how it works
The App (Celsius Wallet)
Celsius Wallet is one of the online crypto wallets designed to allow members to use their coins as collateral to get a loan in dollars, lend their crypto to earn interest on deposited coins (when they’re lent out).
Members are able to borrow USD against their crypto holdings, and its their crypto holding in their wallets that is used as collateral.
Celsius also has a token which goes by the symbol of CEL (ERC20 Token) and its now traded on Liquid, IDEX, switcheoNetwork & HitBTC, celsius designed the token to act as the backbone of the celsius network, creating a value-driven lending and borrowing platform for all celsius members.
CEL always gives one the ability to become a member in the celsius community, which comes with more benefits such as, higher lending rates and lower borrowing rates. One’s celsius community level changes depending on the ratio of CEL one has in their wallets against other coins.
Celsius goal is to allow anyone who’s in need of cash to easily borrow from the Celsius platform without having to sell their crypto holdings. And not only does one borrow, but you can always earn interest on your deposited coins when they are lent out to borrowers allowing members to earn up to 9% annual interest paid out weekly on monday on which ever coin deposited, and if one may wish to earn more to about 12% annual, you just have to choose your profits to be paid out in (CEL).
With such conduct of business, i come to believe that celsius’ community will continue to grow as more and more people get loans in dollars using their crypto as collateral or as they lend their unused coins as credit to other members. since HODLERS earn exactly ZERO interest on their coins sitting in cold storage, exchange and wallets, But with celsius now Crypto assets holders can get more CEL tokens the more they loan and borrowers pay less to hedge their positions.
“Celsius’ platform is a unique combination of multi-block-chain nodes, auto trading on multiple exchanges and a high-end user experience. All this is orchestrated by smart predictive algorithms designed to reduce rates, maximize protects to our members, mitigate risks, and maintain the safety and growth of the ecosystem”. as quoted by Nuke Goldstein — Co-Founder and CTO
Security and Risk
Celsius built its platform with security at its core. Using bank-grade security to keep members’ assets and data safe. From multi-factor authentication, to encryption, to private-key double vaults, and more. Crypto assets are distributed among several wallets and top exchanges. In addition, they store a cold wallet treasury to provide last-resort insurance in case of a catastrophic event.
Members who lend coins on the Celsius Network are protected by the Celsius lending protection pool (funded by their fees). Any defaulted lending or coins lost will be insured through their protection pool and coin values will be restored immediately.
Compliant & Legal
Celsius adhere to all applicable rules and legal guidelines. They work with top-of-the- line nancial institutions, and require all members of the Celsius community to go through KYC (Know Your Customer) in order to comply with anti-terrorism and anti-money laundering (AML) laws.
Celsius Platform was built to allow members to deposit, lend and borrow a variety of different crypto assets. And the Celsius Token (CEL) is the key for users who wish to lend or borrow, and its the platform utility token that is rewarded to crypto holders in the Celsius Wallet as interest on their coins that is generated from fees.
members who own CEL tokens are able to apply for and receive dollar loans against their current holdings. In addition, users who accept the loan may pay the interest in CEL tokens for a discount. As with cash, banks make rich people richer and celsuis is working on eliminating that
Celsius has built companies from the ground up, served hundreds of millions of users and completed multiple exits for billions of dollars (including an IPO).
The company CEO/FOUNDER, Alex Mashinsky, has led over 30 patents including the original patent on VoIP technology. He previously founded several multi-billion dollar businesses including Arbinet (IPO 2004), Transit-wireless and GroundLink. A cryptoholder since 2013, Alex serves as an advisor and investor to several Blockchain companies including Sirin Labs, MicroMoney and Ties Network.
To register follow my referral link below so that we both earn 10$ each after 72hrs when you open up an account with celsius and deposit 200$ or more. thank yo
I’m Kenneth Kayan, thanks for reading and if you like the content in this post, please don’t forget to TIP, LIKE AND FOLLOW so that you don’t miss out on more of interesting posts like this. And still let me know what your view is about CELSIUS and if there are any other cool apps or platforms like this you know of, please share them in the comment section below.