Celsius Network is a new kind of financial institution built on the blockchain. The company aims to provide financial services on the kind of terms which traditional financial institutions no longer offer. In particular, Celsius Network promises to offer higher interest rates on deposits, lower fees on loans, and better terms on both.
The company is led by CEO Alex Mashinsky, a well-known entrepreneur in the New York tech scene. Mashinsky is the founder of several successful startups, including the VoIP company GrandCentral, which was acquired by Google in 2007.
Celsius Network has already raised $50 million from a number of well-known investors, including Draper Associates, Pantera Capital, and blockchain investment fund BlockTower Capital. The company is now live with its app and has over 30,000 users.
Celsius Network has the potential to disrupt the traditional banking industry by offering a better product at a lower cost. The company has already made a splash in the industry and is well on its way to becoming a major player.
CEL token keeps climbing as Celsius Network explores new avenues!
CEL, the token issued by the troubled crypto lender Celsius Network, pumped around 23.54% in the market today as news broke that the company is exploring new business areas to stay alive.
The Celsius (CEL) token is on the move again, this time surging more than 45% in the last 24 hours. The pump started early Wednesday morning, with the token hitting a high of $2.135.
Celsius Network has been in the news for all the wrong reasons lately. The company has been accused of running a Ponzi scheme, and its founder and CEO, Alex Mashinsky, has been accused of fraud.
Despite all the negative publicity, the price of CEL tokens has been on the rise in recent days.
The reason for the price increase is news that the company is exploring new business areas. Celsius Network is reportedly in talks with several major banks about partnering to offer digital banking services.
This is a major development for the company, as it opens up a new revenue stream. It also shows that the company is still alive and kicking, despite the negative publicity.
The price of CEL tokens is still well below its all-time high, but the recent price increase shows that there is still some life in the project. If the company can successfully pivot to a new business model, the price of CEL tokens could continue to rise.
CEL remains the 66th most valuable cryptoasset by market capitalization, ahead of well-known tokens like NEO and Synthetix Network (SNX), per CoinGecko. Despite this, the project has been largely overshadowed by other players in the smart contract space like Ethereum, EOS, and TRON. Nevertheless, the team behind CEL continues to push forward with development and has made significant progress over the past year.
