Celsius holds over 100,000 bitcoins (BTC) in community assets
Celsius, one of the leading yield-earning platforms, has announced that it now holds over 100,000 bitcoins in community assets across all its user accounts.
This is the highest amount of BTC held by the company since its inception. The company says that it has over 750,000 user accounts and the number of BTC held across these accounts is 107,900, the company reported.
What should be encouraging for the crypto traders and investors is that though the prices dropped more than 30% during the course of May, more BTC was being deposited into the accounts than withdrawals which shows the continued faith of the investors in bitcoin and the belief that the prices would rally back sooner or later.
“Particularly volatile crypto market moments are a true temperature check on the viability of a company like Celsius. I am thrilled to see that in one of the most tumultuous months for Bitcoin, the flagship cryptocurrency, Celsius users not only continued to HODL & endured the storm but navigated through it to their advantage,” said Alex Mashinsky, CEO of Celsius. “There is still much work to be done to solidify cryptocurrency as the asset class of the future, but Bitcoin has set the stage for success and I’m confident that Celsius is building a lasting institution that will be a catalyst for mass adoption in the new era of decentralized finance.”
The company says that users can earn a weekly compounding yield of up to 6.2% APY and the users can also use their BTC as collateral to get a loan starting at 1% APR. The lending industry is expected to see a big boom via the crypto domain as the rates are attractive both for the lenders and also for those who take the loans. Add to that is the fact that there is pretty much zero documentation and processes and this makes crypto lending quite attractive to all.
Celsius had recently tied up with Brooklyn Nets star Spencer Dinwiddie to help promote cryptocurrency through various social media platforms but the latest data regarding the growth of bitcoin deposits within the user accounts in the company despite the steep fall in prices should be a boost to the overall confidence of the backers of this platform and the crypto industry as a whole. The company would expect that this trend would continue as the prices recover in the following months, as is widely expected.
