Lending and borrowing is the core of world’s finance and a driving force for economies worldwide. It has entered the world of cryptocurrencies as well with a slew of platforms offering cryptocurrency backed loans. Celsius Network is one of the top-shelf providers of crypto loans and thus we decided to do a Celsius Network review – a full examination of their pros & cons, features, fees etc.
So, to spare you from reading a lengthy introduction, our magnifier is ready to zoom into the Celsius Network so let’s jump right into it.
What is Celsius Network and who is behind the company?
Celsius Network was founded in 2017 and it had a successful ICO in 2018, where they collected $50 million by selling their native CEL token.
The New York-based startup raised is led by their CEO Alex Mashinsky and they claim that until May 2019, they exceeded $1.2 billion in coin loan origination. So, to put it mildly, Celsius was a success story, unlike many other ICOs from 2017.
In the narrow technical terms, Celsius is a platform and an app, that connects lenders and borrowers. You can send them your coins to be lent and collect interest rates or you can put up your coins as a collateral for a loan they will issue you in USD.
Right now, Celsius is battling it out with Blockfi and YouHodler for the top spot among cryptocurrency loans providers. You can check our Blockfi review to find out more about them; and also our YouHodler guide and review for more on this platform.
What products does Celsius Network offer?
Celsius is currently offering 4 different products but their core business is built around their 2 core products:
- crypto loans
- earn crypto (through lending)
Other two, secondary features that you can use on Celsius are:
We will go over all 4 of these products, with an emphasis on the first two as they represent 99% of Celsius’ brand.
Celsius crypto loans
Celsius Network lets you borrow hard cash against your crypto. You send them your coins as a collateral, and they send you over…