Celsius Crypto lender now made it easier to borrow BTC-backed loans since it lowered the minimum borrowing requirements for loans to $500. Following the latest reports, we are reading more in our cryptocurrency news.
Celsius Network is a crypto storage and finance app which lowered the minimum loan threshold to $500 and now offers crypto-backed loans to customers at annual interest rates that start with 1%. Celsius Network grew from 90,000 customers in April to more than 200,000 today. The Celsius Crypto Lender made it easier to borrow crypto-backed loans by lowering down the threshold from $1000 to $500. With no origination fee and quick approvals, Celsius believes that the limit will make it easier for the customers to borrow what they need without going overboard which will continue efficient lending markets and will help certain borrowers to pay less in the long-term.
Another RECORD high week for member rewards!
— Celsius (@CelsiusNetwork) October 21, 2020
Celsius Network is a decentralized wallet application that allows users to store and transfer crypto assets like Bitcoin, Ethereum, and more than 30 other crypto tokens. Celsius users can make deposits available for lending with returns of 9% for Ethereum and 6% for Bitcoin. They can also take out loans in dollar-pegged stablecoins against crypto tokens that have their value pegged to other assets like the US dollar because the users that choose to lend USDC stablecoins can earn about 15% annually at current rates.
Celsius saw impressive growth over the course of 2020 as it increased from less than 100,000 customers in April to more than 200,000 today. Celsius issued about $8 billion in loans since the founding in 2018 and closed a $10 million investment round by Tether in June while aiming to add Tether’s dollar-pegged stablecoin to the platform as CEO Alex Mashinsky said:
“It’s more important now than ever to provide more people with the same financial benefits reserved for the ultra-rich. When you borrow against your assets with Celsius, you can access all the cash you need and still hold on to your crypto, and just like the billionaires, you can defer capital gains taxes by not selling your assets. By reducing the minimum amount of money required to request a loan, we’re enabling millions of more people to access these same financial tools.”
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