What Is Celsius? (CEL)
Celsius (CEL) is an all-in-one banking and financial services platform for cryptocurrency users. Launched in June 2018, it offers rewards for depositing cryptocurrency, along with services such as loans and wallet-style payments.
Users of the platform receive regular payouts and interest on their holdings. Celsius’ native token, CEL, performs a variety of internal functions, including boosting user payouts if used as the payment currency.
| Coin Basic | Information |
|---|---|
| Coin Name | Celsius |
| Short Name | CEL |
| Circulating Supply | 238,863,519.83 CEL |
| Total Supply | 695,658,160 |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
Flexible Price
The live Celsius price today is $3.02 USD with a 24-hour trading volume of $11,036,238 USD. They update CEL to USD price in real-time. Celsius is down 1.01% in the last 24 hours. The current CoinMarketCap ranking is #99, with a live market cap of $720,852,173 USD. It has a circulating supply of 238,863,520 CEL coins and a max. supply of 695,658,160 CEL coins.
Earn & Borrow with Celsius
Meet Celsius: a community of over 1 million users that earn up to 17% yield on their crypto. Get paid new coins every week and borrow cash at 1%. Buy coins, earn yield, borrow, and transfer with no fees. Available on web and mobile apps.
Earn up to 17% APY paid every week.
Start earning top rates on any amount of crypto and get paid every Monday to keep HODLing. Plus, you can get up to 25% more rewards when you choose to earn in CEL token.
Borrow at 1% APR with your crypto
For life’s big moments or sudden surprises, use your cryptocurrency as collateral instead of selling it. Borrow funds with Celsius at interest rates as low as 1% APR.
No origination fees
Everything we do at Celsius is designed for unparalleled access to fair, rewarding financial services. Fees hold people back, so we removed them. But we didn’t stop there.
Our focus on transparency
Celsius brings the transparency of decentralized finance to a central company. Transparency is a critical part of mission. They do this through sharing information with community and through the power of the blockchain.
Celsius Asset Verification
Chainalysis Reactor, the investigative blockchain analysis tool, provides the first third-party verification to date of Celsius’ assets.
Proof of Community
Celsius is partnering with Horizen Labs to prove liquidity at any moment through the blockchain, without relying on external auditors and without disclosing customer information.
Weekly AMAs
Every week, CEO Alex Mashinsky gives an update on the state of the business, the product, and answers questions from the community
Who Are the Founders of Celsius?
Celsius originally came into being as the product of creators Alex Mashinsky and Daniel Leon in 2017.
Mashinsky has a long-running history in the internet development sphere, having worked on the Voice Over Internet Protocol (VOIP) in the 1990s and other technologies since. Celsius is far from Mashinsky’s first corporate venture, with seven startups and 35 patents to his name, the project’s official website states.
Co-founder and COO Daniel Leon meanwhile has experience focusing on growing early-stage startups. His previous roles include being CEO of Atlis Labs, a social recommendation and discovery app which used real-time user referrals.
Celsius now has a large team of core employees, technical developers and advisors with experience in various spheres.
Celsius aims to outperform banks at their own game by offering financial services on the kind of terms which traditional financial institutions no longer offer.
What Makes Celsius Unique?
These include much higher rates of returns on savings and deposits, much easier and fairer loan requirements and automated rewards computed for each user algorithmically. Penalties and bank-style fees are also waived.
The platform also functions as a wallet via its CelPay feature, and hosts its own CEL token which users can leverage to increase payout value among other things.
As a for-profit company, Celsius takes a cut of profit margins on interest payments, still returning 80% to users themselves. The company also lends to institutional entities such as hedge funds.
Payments are ensured because loans are asset-backed, and any borrower must supply more than 100% of what they borrow in the destination currency.
How Is the Celsius Network Secured?
Celsius uses a modified proof-of-stake algorithm for its token, while broader security procedures were outlined in a dedicated presentation in June 2020, still available on the company’s website.
As with any client-orientated wallet, the risk of theft from attacks such as SIM-swapping is present if users themselves do not have adequate protections in place such as two-factor authentication.
Where Can You Buy Celsius (CEL)?
CEL is a publicly-tradable token on major exchanges, with pairs available for cryptocurrencies and stablecoins.
As of October 2020, automated market makers (AMMs) held the lion’s share of trading volume, with popular pairs being for Bitcoin (BTC) and Wrapped Ether (WETH).
New to cryptocurrency? Read our easy guide to buying Bitcoin or any other cryptocurrency.
