Celsius.network is a crypto wallet for iOS and Android and offers crypto loans and interest for crypto currencies. Interest is credited weekly in the Celsius Wallet. The user can choose whether the interest should be paid out in the crypto currency used or as a CEL token. With the latter, there is up to 30% more interest and the token has performed very well in recent months compared to BTC or ETH. Celsius was founded in 2017 and the CEO is the well-known VOIP inventor Alex Mashinsky. The company now has offices in London, New Jersey, Tel Aviv and New York
The Celsius app is designed to be simple, secure and easy to understand, even if it is not yet available in German. Currently the app has 4.2 stars in the Appstore with 180 ratings. In the Google Playstore the app gets 3.4 stars with 603 ratings.
After downloading the app, we verified ourselves with the passport to be able to use all services of the app to the full extent.
At the moment about 70.000 users are using the app (end of January 2020), but only about 20.000 users have made a deposit of coins. In the last twelve months Celsius has paid out almost 8.4 million dollars in interest.
The app can be protected from unauthorized access on the smartphone by means of PinCode or 2 factor authentication. FaceID is currently not yet supported. The private keys of the crypto wallets are in the hands of Celsius Network, so there is a big risk of losing all your coins! Everyone must be aware of this. The users' credit balances are managed by BitGo, a digital asset trust and security company. This provider is highly trusted in the crypto scene.
Earn interest with Celsius
After configuration and an explanation in the app, various coins can currently be deposited via the menu item 'Deposit'.
As soon as the coins have been received on the Celsius Wallet, the lending process will begin. You have access to your coins at any time and can pay them out again at any time. There are no fees for the payment of the coins.
The interest for the crypto currencies changes weekly and depends on the respective coin. Currently, most interest is paid on stable coins such as USDT, TUSD, GUSD, PAX, USDC and DAI. In the app you can see the current interest rate. The interest can be paid out in the stored crypto currency or in the own Celsius currency Celsius (CEL). Those who choose the Celsius token receive up to 30 percent higher interest rates. This depends on the ratio between crypto currencies and CEL tokens. If the ratio of CEL is higher than 10 percent in the Celsius Wallet, the highest interest rates are paid.
Celsius Crypto Credit
In addition to the lending offer, Celsius also offers the possibility of obtaining a loan for its crypto currencies. To do this, you lend your coins to Celsius and receive cash in return. This is suitable for hodlers who need a financial injection but do not want to sell their coins. From $1,500 dollars a crypto loan can be applied for. The payout is in USD or as stable coins. Currently there are three different interest rates to choose from and the term can range from 6 months to 4 years.
CEL-Token owners receive up to 30 percent lower interest rates for the repayment of the loan. Currently, Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, EOS and DASH can be used as crypto currency.
An important issue for lending providers are the fees for deposits and withdrawals. These do not exist at Celsius. All deposits and withdrawals in the app are and remain free of charge.
Give Celsius.Network a try by clicking here
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