What is WAX (WAXP) and How Does it Work?
March 10, 2023
What is IOST and How Does it Work?
March 10, 2023

What is Celsius (CEL) and How Does it Work?

Celsius (CEL) is a cryptocurrency platform that allows users to earn, borrow, and lend digital currencies. It was founded in 2017 by Alex Mashinsky, who has over 30 years of experience in the telecommunications industry. The Celsius network aims to create a new financial system that is accessible to everyone, regardless of their background or location.

Users can earn interest on their cryptocurrency holdings by depositing them into a Celsius wallet. The interest rates are determined by market demand and are typically higher than traditional savings accounts. Additionally, users can borrow funds against their cryptocurrency holdings without having to sell their assets. This feature is especially beneficial for those who want to access liquidity without triggering a taxable event.

Celsius also offers a lending platform where users can borrow funds in fiat or cryptocurrency. Borrowers can choose from a variety of terms and interest rates, and they are required to put up collateral to secure their loans. Lenders earn interest on their loans and can monitor the status of their loans through the Celsius app.

One unique feature of the Celsius platform is the Celsius token (CEL). CEL is an ERC-20 token that is used to pay interest on loans, reduce interest rates on loans, and access premium services. CEL holders can also earn higher interest rates on their deposits and receive bonuses for referring new users to the platform.

Celsius is committed to transparency and security. The platform uses a multi-layer security system that includes cold storage, multi-factor authentication, and biometric verification. Celsius also publishes weekly updates on its website that detail the amount of assets in its custody, interest payments, and loans issued.

Overall, Celsius is a unique cryptocurrency platform that offers a range of services for users to earn, borrow, and lend digital currencies. With its focus on transparency and security, Celsius has quickly become a trusted platform for cryptocurrency enthusiasts. The Celsius token (CEL) also offers additional benefits to users, making it a valuable asset in the cryptocurrency ecosystem.

CEL tokens are available on BingX. Trading symbol: CEL USDT