Celsius Network starts offering a 6.2% APY on the users’ first 5 BTC as the customers can earn the highest rate for the number one cryptocurrency by holding the assets in the Celsius wallet so let’s find out more in today’s crypto news.
Celsius network starts offering new opportunities for its users by announcing that all US customers can earn 6.2% APY on their BTC holdings which is the highest rate available for bitcoin in the crypto-lending space. The customers that are based in the United States can take advantage of these rates and can earn 6.2% APY on their first five bitcoins. International users have the option to earn the same rates on their first BTC that will be paid out in CEL tokens.
Celsius created the HODL and earn category in 2018 and now has more than $1 billion worth of crypto assets for more than 150,000 users across the worldwide over 60% of which is held in Bitcoin. Also, Celsius Network had distributed more BTC rewards to the users than all other crypto lending companies together. The mobile crypto platform attributes the continuing growth to the customer-centric business model where 80% of the company’s revenues go back to the community of the crypto holders.
Celsius is able to generate more revenue for crypto rewards through its lending operations where the retail borrowers and qualified institutions can borrow against their crypto assets by offering competitive rates. Right now, you can borrow USD at 1% APR and as the customer base continues to expand, so will the 32 coins in the pool allowing the company to provide more value for the users backed by the sustainable business model. The CEO of the company Alex Mashinsky explained:
“Our goal has always been to give our customers as much value as possible. Now all Celsius customers can access the industry’s highest rate for BTC and the industry’s lowest rates to borrow dollars on the Celsius platform with no minimums, no lockups, and no fees, this is the definition of doing well after you do good.”
Furthermore, CEL has nearly doubled in price in the month of June alone, rising by 87% over the past 30 days as of press time. While the Celsius Network originally launched this token through a token sale back in 2018, it seems like 2020 is the year for CEL and the perfect time for astronomical gains.
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