Introducing Celsius (CEL), the comprehensive banking and financial services hub tailored for cryptocurrency enthusiasts.
Debuting its services in June 2018, Celsius stands out by offering incentives for cryptocurrency deposits, alongside a suite of features including loans and seamless wallet-style payments.
Patrons of the platform enjoy regular dividends and interest on their assets. Notably, Celsius’ native token, CEL, plays a pivotal role, amplifying user dividends when utilized as the preferred payment medium.
Who Founded Celsius?
Celsius emerged in 2017 as the brainchild of innovators Alex Mashinsky and Daniel Leon.
Mashinsky boasts a rich history in internet development, dating back to pioneering Voice Over Internet Protocol (VOIP) technologies in the 1990s. With seven startups and 35 patents under his belt, Mashinsky's credentials precede him, as stated on the project’s official website.
Meanwhile, co-founder and COO Daniel Leon brings expertise in nurturing early-stage ventures, with a notable stint as CEO of Atlis Labs, a social recommendation and discovery platform fueled by real-time user endorsements.
Today, Celsius thrives with a diverse ensemble of core staff, tech wizards, and advisors, each bringing varied expertise to the table.
What Sets Celsius Apart?
Celsius aspires to outshine conventional banks by offering financial services on terms that traditional institutions can’t match.
These offerings encompass significantly higher returns on savings and deposits, transparent and fair loan prerequisites, and automated rewards tailored to each user through algorithmic computations. The platform also forgoes penalties and conventional banking fees.
Moreover, serving as a wallet via its CelPay feature, Celsius hosts its proprietary CEL token, empowering users to enhance dividend yields among other benefits.
Operating as a profit-driven enterprise, Celsius garners a share of profit margins from interest payments while channeling back 80% to its users. Additionally, the company extends lending services to institutional players like hedge funds.
The platform ensures payment integrity by backing loans with assets, mandating borrowers to furnish more than 100% of their borrowing in the designated currency.
How Many Celsius (CEL) Coins Are in Circulation?
Celsius’ native token, CEL, serves multiple user-centric functions and is freely exchangeable beyond the platform.
With a capped supply of 695,658,161 tokens, approximately 76% are currently in circulation, while the remaining 24% are locked as per the project’s outlined schedule.
CEL made its debut via an initial coin offering (ICO) in May 2018, with the presale and crowdsale absorbing 50% of the token supply. Distribution allocated 27% to the treasury, 19% to the team, and 2% to partners and advertisers, respectively.
Notably, CEL adheres to the ERC-20 standard on the Ethereum network.
How Does Celsius Network Ensure Security?
Celsius employs a modified proof-of-stake algorithm for its token, accompanied by comprehensive security protocols outlined in a dedicated presentation accessible on the company’s website since June 2020.
As with any client-oriented wallet, vulnerability to theft, such as SIM-swapping attacks, exists if users neglect adequate protective measures like two-factor authentication.
Where Can You Acquire Celsius (CEL)?
CEL is readily available for public trading on major exchanges, offering pairs with various cryptocurrencies and stablecoins.
As of October 2020, automated market makers (AMMs) dominated trading volumes, particularly with popular pairs involving Bitcoin (BTC) and Wrapped Ether (WETH).
New to the world of cryptocurrency? Dive into our beginner-friendly guide for purchasing Bitcoin or any other digital asset.
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