Celsius Network, a cryptocurrency lending platform, announced that it has surpassed $4.25 billion in loan origination.
Crypto lending is the fastest growing industry in the crypto market.
Using cryptocurrencies as collateral for fiat loans isn't a new idea, but few companies so far have been able to create a successful business that provides cryptocurrency loans.
There are many crypto lending platforms available, all of them competing for an equally small part of the market.
The increased interest in crypto loans has opened up Pandora's box-a lack of oversight of the industry has enabled numerous bad actors and shady businesses to open up shop.
Many crypto lenders are often opaque about where or how they store a borrower's digital currency, as well as the fees the platform charges, Bloomberg reported.
One of the bigger players in the space, Celsius Network, set out to challenge these industry standards with a transparent business model and an innovative approach to distributing loan interest.
In a press release shared with CryptoSlate, CelsiusNetworks announced that the increased interest in crypto lending allowed the company to surpass $4.25 billion in loan origination since beginning its lending operations in July 2018.
Its target audience, the company said, is everyone from ordinary customers sick and tired of low-savings bank accounts to institutions looking to profit from their crypto holdings.
Celsius token surged surged nearly 9% post announcement but the CEL token has extremely low 24h-volume of $37,800 at the time of publishing.
Celsius Network surpasses $4 bn in crypto loans, CEL remains illiquid
Published on Nov 13, 2019
by Cryptoslate | Published on Coinage
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