As with all forms of monetary units, lending is one of the ways how incomes are generated and secured. By giving loans, institutions and individuals can get a fixed percentage of return per period of time. In today’s world, where cryptocurrencies are seeing ever faster adoption, the industry of crypto lending is gaining momentum.
Celsius, Lending Cryptos
Celsius Network is a cryptocurrency platform that allows its users to lend and receive cryptocurrency based loans. The platform offers as much as 7.5% interest rates. Launched in July 2018, the platform allows users to loan, earn, borrow and pay using cryptocurrencies and blockchain. The platform uses proceedings from the loans to buy BTC, ETH and other promising cryptocurrencies to pay interests to lenders. The professional platform has seen a meteoric rise and in less than a year, has done loans of well over USD 600 million. The largest loan yet taken on the platform is a USD 5 million one.
The platform offers a low charge, enabling people who cannot get loans from traditional finance houses and banks to be able to have money to see their dreams come true. Instead of accumulating the earnings and get rich (including shareholders), the platform offers most of its earning back to the users in the form of cryptocurrencies.
Celsius and Staked Partnership
Staked is another highly successful cryptocurrency platform that allows users to stake their coins and earn interest on them. The staking and lending platform have announced a partnership where users of Celsius will now have option to stake their coins and have another source of income.
Staking is an alternative process to the famous Proof of Work (PoW). PoW, deployed by the largest cryptocurrency in the world, Bitcoin, is a process that involves powerful computers that require a lot of energy to do complex calculations in order to process transactions, mine new coins and secure the network.
Staking, in contrast, allows users to simply put their coins in designated wallets that then are used to secure the network and generate new coins in the form of interest. The process also gives stake holders a say in the network and operation of the ecosystem by giving them a voice, just like shareholders have in a company.
The partnership now gives Celsius users the option to acquire DASH tokens and stake them. Users will be able to see gains and yields from this process. Initially limited to only DASH, the Celsius Network will continue to add other tokens that Staked supports, subject to passing of their strict conditions of the Celsius’ Listing Framework. The Framework only ads tokens and coins that pass certain criteria, such as network security, team quality, deliverances, market liquidity and fair distribution of the tokens.
Alex Mashinsky, CEO of Celsius Network, said about the partnership, “Celsius’ partnership with staked represents a collaboration between two best-in-class providers. Celsius recently announced it has originated over $1 billion in loans, making it the leading cryptocurrency lending platform, and Staked recently completed a funding round backed by Pantera and AZ16, two of Silicon Valley’s biggest VCs” He added, “Celsius is committed to providing its community reliable, professional, compliant services. Many other platforms don’t make this a priority or consideration for their operations. Celsius provides its users peace of mind that they’re doing business with a company whose primary motivation is protecting its community.”
Staked was also positive of the development, “Staked is excited to help Celsius users earn staking returns. Our partnership makes it easy for every investor to earn the yields available from staking. Staked’s infrastructure will ensure that those yields are delivered reliably and securely.”
Staked, the crypto platform, offers one the highest percentages of return yields. It supports major coins that have Proof of Stake (PoS) process, such as DASH (7% return), Tezos (6.9% return), Livepeer (an amazing 155% return) and Cosmos (10.4% return). The platform also has plans to add the second largest cryptocurrency, Ethereum. All plans are complete, with the exception that Ethereum has yet to shift towards a PoS model. Ethereum developers have constantly pushed back the shift, citing technical complexities. As soon as Ethereum shifts to PoS, Staked will also offer that currency.
The partnership between Celsius and Staked is a fruitful one, where people now not only have the option to earn through lending, but also through staking. The added benefit of staking would be that not only Celsius users will have more options to earn, but also take part in the securing of cryptocurrency networks, ushering in a new era of blockchain and crypto adoption.
Celsius also helps crypto adoption through the use of its CELPAY, a mobile app that relieves the user from the complex wallet operations, allowing transfer of crypto through a few simple taps on the screen.
For more information, visit https://celsius.network/