Celsius Announces Milestone $5 Billion In Assets Held

Various lending DeFi protocols are experiencing massive success at this point of the season, and they would be hoping it won’t stop. With Bitcoin and other digital assets making massive bull runs to top their previous value, lenders in various lending platforms do so much to make massive profits from them. This is echoed by the latest statement released by the lending platform Celsius, a famous lending platform in the decentralized finance sector.

The statement taken off the lending platform’s official website announced that it had recorded nothing less than $5.3 billion in deposits. This latest feat is commendable and a milestone for the lending platform because it is coming in less than three years after the protocol rolled out its mobile application for its users.

Celsius now has 340,000 active users on its platform

Before this announcement, Celsius celebrated a milestone achievement in terms of its user base as the pending platform announced that its total user base saw a massive growth of 125,000. With the massive new sign-ups recorded by the protocol, bringing its total customers to 340,000 globally, it could cap off a record-breaking $1 billion in terms of assets held on the platform.

In Celsius’s recent statement, it has been able to reward all its active users with about $200 million in interest using the mobile app. Touching the number of Bitcoin held, Celsius prides itself as a massive holder of the coin, with the firm boasts about 55 Bitcoin, which is worth nothing less than $2 billion in today’s price. Celsius has recorded success on the assets and customer base front alone as the protocols digital asset has been doing well in the crypto market.

Celsius holds more than 50 Bitcoin since its debut

Celsius’s native asset saw a huge bullish run in the last few weeks to top way above its previous price and create a new all-time high record of $6, which was set this year. The coin has also leapfrogged other assets in the assets ranking according to the market cap on CoinMarketCap to place in the top 40. Since 2017, the firm was established, it has been helping its user base earn massive profits off deposited digital assets on its protocol. Users are open to make profits of nothing less than 10% on the protocol, while users who choose to deposit Ethereum would be open to earn about 9.65%.

The protocol also made history when it launched after it saw about 50 million raised in an initial coin offering conducted in 2018. The firm also announced that from that moment till this present time, the total number of Bitcoin in its holding is now more than 50.

Celsius borrows different entities the digital assets and, in return, takes collateral and guarantee in case members fail to repay their borrowed assets. Also, it opens customers who want to use digital assets to get fiat loans to do so with much ease than other lending platforms.