Celsius Network Partners With Tether to Enable Users to Earn 12% Interest on USDT Deposits
October 24th, 2019
In a recent update, Celsius Network has announced its collaboration with Tether (USDT). The latter boasts of a market cap worth $4 billion.
Users Can Earn Upto 12% interest
The collaboration will allow users to easily deposit USDT in their Celsius wallet and also earn up to 12% annual interest. Moreover, the interest will be calculated daily and paid out weekly. Furthermore, users can choose to earn their interests in Bitcoin(BTC), Tether(USDT) or CEL tokens. Presently, the Celsius wallet supports 19 top currencies.
These include Bitcoin(BTC), Ethereum(ETH), Litecoin, etc. Also, USDT has been added as a supported currency for the Celsius retail loan product. This, in turn, allows users to use the collateral of other digital assets they hold and borrow USDT with interests as low as 3.46% Annual Percentage Rate (APR). Furthermore, Celsius has recently decreased loan minimum of $1,500, thus making the loans more accessible to the public.
From the COO’s Desk
“We are excited to increase the utility and attractiveness of USDt for our users and our community. “We are always looking for ways to improve our product offerings for the benefit of our community, and this partnership with Celsius is a great use case.”
said Tether CTO, Paolo Ardoino,
At Celsius, we’re working toward mass adoption of cryptocurrencies by instilling confidence in crypto holders and providing financial services at rates unmatched by any bank or crypto alternative. Stablecoins, such as USDt, allow crypto holders to keep their funds in crypto, allowing for frictionless trades, while sidestepping the market’s lows and highs.”
said Alex Mashinsky, CEO of Celsius Network.
A look At Celsius Network’s Developments
Celsius network has helped foster over $2.2 billion of coin loans since July 2018. Also, it has over $350 million in Assets Under Management (AUM) passed in customer deposits and collateral from loans under management. Furthermore, the network has distributed funds worth $4 million in interest payments. The firm has successfully managed to have great earnings in Bitcoin(BTC) and Ethereum (ETH) and has returned up to 80% of its revenue to depositors.
Celsius Network Receives Backlash From Crypto Twitter
In a recent tweet, Alex Mashinsky, the founder of Celsius Network claimed that the Celsius Network was bigger than” ALL DeFi put together”. The comment wasn’t received too well by crypto Twitter who criticized Mashinsky for his “shallow move” and told him that his claim was wrong. Citing the example of Maker, a decentralized lending facility built on the Ethereum blockchain, he said that the Celsius Network was giving back 80% of what it received to the community, while DeFi projects including Maker were keeping 50% of their earnings for themselves. With a rhetorical question, he suggested that DeFi was not acting in the best interests of the users.