Celsius, Centralized cryptocurrency lending platform, It claims to have paid out more than $ 250 million in rewards to its 415,000 users, highlighting the rapid growth of blockchain lending protocols.
Celsius announced the achievement in a press release on Monday, to highlight the significant growth of the company over the past two years. “Celsius remains one of the fastest growing companies in finance, achieving new milestones week after week. ”
Unlike DeFi protocols, Celsius offers a centralized alternative that allows users to deposit their crypto assets on its platform. The deposited assets are loaned out to exchanges and market makers, and the vast majority of the interest paid is distributed to depositors.
By November 2020, Celsius has paid more than $ 80 million in crypto rewards to depositors. This number appears to have more than tripled, according to Monday’s press release.
Percent users have the chance to win weekly rewards of up to 18.5% APY (annual percentage return) on more than 40 crypto assets. The company currently manages more than $ 8 billion in crypto assets.
Alex Mashinsky Celsius co-founder and CEO said:
“Celsius was created to act in the interest of society, and we have consistently provided honest, transparent and rewarding financial services.”
Celsius’ continued growth helped Mashinsky secure a place in the Cointelegraph’s Top 100 by 2021. Not only did Mashinsky help put Celsius’ network on the map in 2020, he was also instrumental in securing an additional $ 20 million in raising funds from more than 1,000 investors. The platform token, CEL, significantly outperformed most of the major cryptocurrencies last year.