Celsius is a blockchain-based financial platform that is used for the execution of banking-related transactions for cryptocurrency users.
The Celsius Network is operated under the SEC regulations protocol as a lending platform that allows its participants receive continuous interest on cryptocurrency that was deposited or access polls of collateralized cryptocurrency loans.
The network uses its high yielding return rates on deposited crypto tokens to attract new users. The system does this while also maintaining the regular requirements of any state-of-the-art cryptocurrency platform such as high speed and the occasional fee-less transaction. It also makes provisions for individuals who are cryptocurrency investors by providing an avenue where they can access fiat currency without liquidating their cryptocurrency assets.
Who are the Founders of Celsius (CEL)?
Originally, the Celsius network became a marketable product of Daniel Leon and Alex Mashinsky in 2007, before the platform officially launched in 2008.
Alex Mashinsky is a well-grounded professional in the sector of internet development as he has gained several years of experience working with different organizations. For starters, in the 1990s, he worked on a couple of innovations including the design of the Voice Over Internet Protocol. Establishing Celsius is just one part of Mashinsy’s catalog as he is connected with seven other startups and is tied to over thirty patents.
Daniel Leon, the co-founder serves as the COO of the company and is also a well-experienced entrepreneur as he specializes in the early development of startups. Over the years, Leon has worked with several organizations including serving as the CEO of Atlis Labs, a social platform for discovery and recommendation which applies user referrals in real-time to operate.
Presently, the Celsius network comprises a team of experienced professionals, including advisors, technical developers, and several others in different fields.
What is Celsius (CEL) used for?
The Celsius ecosystem was created to solve a series of problems for different individuals and groups in the crypto space.
The platform starts by letting its participants deposit their crypto assets and then pays the participants for their deposits in the form of interest rates. For the others, the platform provides access to crypto assets for individuals who are already in the crypto space but are in need of crypto assets to execute a trade or perform a function by allowing them to lend the crypto assets. This service is completely different from the services offered by any of the first-generation cryptocurrencies such as Bitcoin.
In addition to its provision of crypto-based solutions, the network has a native token which is known as CEL. CEL is used for carrying out transactions within the network and as such carry value. The value of this token allows the possibility of trading with other cryptocurrency pairs in order to make a profit.
What Is the Unique Point of Celsius (CEL)?
According to the platform’s white paper, Celsius is aimed at outperforming regular financial institutions such as banks in the modern world by offering its services on terms that are unmatchable.
Apart from offering the participants significantly higher interest rates, the system also provides less strict loan requirements which are provided to participants in a fast and seamless way where participants’ rewards are automated for each of them. It also eliminated regular penalties and fees which would naturally be included by regular financial institutions.
The system also operates through its CellPay as a wallet and hosts a functional token known as CEL, which the participants can make use of to increase the overall value of their payouts.
As a profit-oriented platform, Celsius takes a percentage of profit margins put in place by interest rates. However, even with its orientation, the system returns 80% of the profit to the users. The functions of the Celsius ecosystem are not limited to individual participants alone as provisions are also made for institutional entities that are interested, one of which is in the form of Hedge funds.
The system has been able to stay in business over the years because payments are assured because loans taken are backed by assets which could be any type of cryptocurrency including USDT or WBTC. Also, anyone interested in taking a loan is obligated to provide over 100% of whatever they are borrowing in the destination currency.
How many Celsius (CEL) coins are in circulation?
The native token of the Celsius platform, CEL is useful for executing several functions on the network and can be also used outside the network for free trades.
The CEL token has a maximum supply capped at 695,658,161tokens. Of the total supply, 76% have been released into speculation while the other 24%, according to the platform’s schedule literature, has been locked away.
In May 2018 the Celsius network held an initial coin offering. Out of the total tokens released for circulation, 50% went into presale and crowd sale. While 27% went into the platform’s treasury and the last 2% was assigned to advertisements and partners of the platform.
Is the Celsius (CEL)Network secured?
The Celsius Network is secured through its modified proof-of-stake algorithm. While the network has previously stated in a dedicated presentation in 2020 that it has other broader layers of security, the modified version of the proof-of-stake protocol remains the dominant security measure of the network.
The Celsius network however encourages its participants to take extra security measures such as two-factor authentication to reduce the risk of theft generally associated with wallet systems.
How do I buy Celsius (CEL)?
Prospective participants of the Celsius network may find it attractive if they want to earn cryptocurrencies or in other cases if they want an Avenue to make trades that exceed their account balances. Other investors may only seek to include CEL in their portfolio on the basis of it being the future of cryptocurrency. In general, the rate of adoption of the cryptocurrency has increased over time and has led to it being publicly available for any interested investor. To buy CEL tokens, the steps below provide the right direction to purchasing its tokens.
- Open an account with the crypto trading platform.
- Transfer the specific amount of your fiat currency to your account.
- Wait for your deposit to be confirmed and Buy CEL through your trading account.
Which Cryptocurrency Wallet Supports Celsius (CEL)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Celsius (CEL). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Celsius wallet because offers a simple and interactive interface making it easy for people to navigate its system.