Aiming to realize the goal of financial inclusion, Celsius Network has been offering a host of unique services through its blockchain-powered network. The network is providing high-interest rate and low-cost loan to prospective customers through its revolutionary mobile app.
It can be easily counted among one of the best financial platforms available globally, working without the interference of the third-party, like financial institutions or central banks. The operating philosophy of the organization is to provide low-cost services, so that needy one can make most of the opportunity.
New Rates for Depositors
Further enhancing the savings for its customers, Celsius Network has increased the interest rate on the stablecoin deposits. According to the announcement, depositors will now receive a 12.03% annual percentage rate (APR) on their deposits. Further, if you are using the network’s CEL token, then you are eligible to earn more, i.e., up to 30% higher than other depositors, who earn at the rate of 9.25%.
The network is offering high rates, as the organization itself is getting higher returns and unlike some other cryptocurrency platforms, it distributes 80% of the returns among depositors. This is in-line with the organizational philosophy, to put the interest of the depositor first, which is like a win-win situation for all the stakeholders involved in the process.
Currently, the Celsius Network supports six different kinds of stablecoins: USDC, GUSD, PAX, USDT, TUSD, and DAI. Not only you are eligible for a higher interest rate on the deposits, but you can also get Bitcoin loan issued against stablecoins, at the lowest rates available in the market, i.e., starting from as low as 4.95% APR. Interested customers can avail this facility through the use of the mobile app. Once again, the network’s high returns enable it to offer loan at low-interest rates.
Celsius Network’s CEO, Alex Mashinsky, said that the concept of stablecoin powered by the blockchain has enabled the network to enhance the money velocity and earn more on the borrowing. The system work in stark contrast to normal banks where 5-day/week working and centralized restrictions somewhat limit the possibility of higher earnings. Inviting the depositors to invest in the stablecoins, Mashinsky said, that people have the opportunity to earn up to 10 times the income that they typically have when they deposit their money in the traditional banking system.
In sum, Celsius Network is contributing effectively to the cause of financial inclusion and playing an important role, to provide financial services to all the customers across the globe. The network is expected to enhance its influence in the future, as it spreads its wings to include more financial services in its portfolio.