Celsius Doubled Its Total Paid Crypto Loan Interest Since November

Published on by Cointele | Published on

Celsius Network reports to have more than doubled its interest payments in the three months since its last disclosure.

This is one more signal of the continuous growth of the crypto lending industry, as decentralized finance operations attract more funds.

As per its Feb. 20 report, Celsius paid over $11 million worth of Bitcoin, Ether and other cryptocurrencies as total interest income.

The company is managing $730 million in customer deposits and loan collateral, which is an increase of 62% from the last report's $450 million figure.

The total value of outstanding loans has also increased by 46% since November, totaling $6.2 billion.

The crypto lending industry as a whole has been on the rise.

It is divided into companies providing loans in crypto, such as Celsius and BlockFi, and decentralized finance based on Ethereum.

Celsius competitors such as BlockFi have also posted strong growth, showing that the lending industry is rapidly increasing its value.

The Celsius Network is continually expanding its feature set.

Celsius CEO Alex Mashinsky often shares his thoughts on the industry.