A Crypto Borrowing and Lending Platform Reports That in Six Months the Firm has managed to double its Holdings
With the fast growing cryptocurrency industry, the number of user base in the crypto-market has been growing faster than ever. Over the course of time, the crypto-industry has managed to grow from being a crypto-mining platform to more than that.
Now, the cryptocurrency industry has started to take over the finance and payments sectors. The industry aims to de-thrown the traditional banking system that offered less and demanded more. In the past few months, the centralized financing (CeFi) has started gaining popularity among the crypto-community.
With time, more and more users have started migrating to the crypto CeFi system, leaving the traditional system behind.
One of the major cryptocurrency borrowing and lending platforms has just proven that these speculations are not wrong. The firm has revealed some staggering figures showing how much their demand has increased in the recent months.
The firm reported that it now has more than $2.2 billion digital assets under its management. According to Celsius’ report on 9th of November, the firm has more than doubled its digital assets holdings in the past 6 months.
The most astonishing part is that back in June of 2020, the firm had reported that they had crossed the $1 benchmark. Celsius now claims that it has more than 215,000 users from around the world using its services.
Apart from Celsius’ under management holdings, the firm’s balance sheet shows that it has $680 million. This staggering amount is available in the form of Celsius’ native tokens ‘CEL’ and cash.
The firm is known for providing Centralized Financing service that is an alternative to the Decentralized Financing (DeFi) system. Majority of the crypto-community prefers to call Centralized Financing as ‘CeFi’.
Celsius allows users to deposit their crypto-assets into the platform’s accounts. Then the firm lends these funds to the cryptocurrency exchanges as well as market markers for investments.
The users who deposit the crypto-assets gain 80% profit from the interest that is acquired from such exchanges and markets.
Since the firm’s launch back in 2018, the firm has confirmed that so far it has given out rewards worth more than $80 million to depositors.