What Is Celsius (CEL)?

Celsius (CEL) is a platform that allows users to trade currency against the cryptocurrency and yield interest. The platform aims to disrupt the financial industry, provide curated services to the users, abandoned by the banks like equitable interest, zero fees and quick transactions, and help users achieve financial independence through crypto. The platform seeks to develop a community of lenders and borrowers, replace Wall Street with blockchain, and provide benefits to the members of the ecosystem.

The platform believes that traditional financial institutes should not control the flow of credit to users across the globe. Hence, the platform utilizes a consensus-based, proof-of-stake mechanism that seeks to allow users to lend, vouch, or borrow from each other. Thus, the platform aims to create a self-governing solution for users involved in the credit ecosystem. The platform aims to allow users to borrow currency through a community pool by utilizing their crypto assets as collateral to achieve the aim.Also, the platform seeks to bring transparency of decentralized finance into the central company by sharing information with the community through the blockchain.

CEL is the official token of the platform that users can utilize to secure loans in traditional currency by using crypto as collateral. The members who place the coins in the Celsius walletscan acquire CEL tokens as rewards for lending on the network. CEL seeks to allow users to access utilities like the ability to pay interest on the loans at discounts, and the user enjoys access to the platform and community. Furthermore, the platform seeks to allow users to lend cryptocurrencies to acquire interest, achieve a senior place in the community that impacts the interest gained, and interest rewards on the crypto lending.

The platform has a strong community of 1 million users. The users can earn up to 17% yield on their assets and can borrow currency at 1% on the platform. Further, the platform seeks to give out new coins every week to users.

History of Celsius (CEL)

The Celsius network was founded in 2017. The initial whitepaper of the platform was released in Q3 of 2017. The leadership team of the platform includes Alex Mashinsky, cofounder, chairman, and CEO; S. Daniel Leon, cofounder and chief strategy officer; Nuke Goldstein, cofounder and CTO; and Roni Cohen-Pavon, chief revenue officer.