It is a well-known fact that we currently live in a peer to peer era. Here, we do not require the backing of universal monetary institutions anymore. Neither are central authorities need to regulate our daily lives.
However, this has led to the emergence of the Celsius Network. It was established in the year, 2017 by Alex Mashinsky. The company functions out of Germany, Israel and ultimately Serbia.
The company was built to change how individuals borrow money, returning it to the elementary standards of borrowing.
Therefore, the company focuses on creating a platform in which regular monetary institutions cannot regulate the influx of credit to individuals around the World. Moreover, lenders can now gain interests no matter their initial currency or state laws.
Core Business of Celsius Network
Celsius network has successfully debuted a person to person monetary lending network. This was executed by utilizing Blockchain technology to link crypto holders to loans. These loans are in turn supported by their computerized assets.
The company aims to transform the errors of monetary lending systems. It also aims at bringing the upcoming hundred million individuals into the crypto sphere. Moreover, it is a community based on the peer to peer Proof of Stake startup.
It basically offers lending and borrowing to virtual currency holders as a form of collateral. With time, users will be capable of depositing their virtual currency into the Celsius wallet.
Nevertheless, this is executed to gain profit when the coins are given out. Celsius Network plans to introduce a monetary product to the virtual currency market. Meanwhile, these products are built to function in the interest of users and not to gain profit.
The video underneath gives you a brief understanding of how it all works.
Services Offered by Celcius Network
With the idea that the normal banking system is flawed due to particular problems plaguing the industry, Celsius Network stands to correct this error. There are cases whereby an individual needs cash instead of crypto alone.
This cash is needed for daily needs such as credit card payment or purchasing a car. However, not all places approve of Cryptocurrency as a means of payment. This is where Celsius Network comes in.
The network will enable the borrowing of cash to be easier. This means that Cryptocurrency will be used as collateral for loans of low interests. Like this, its users can regulate their Cryptocurrency portfolio.
Crypto is kept to sit idly in wallets, exchanges, or possibly cold storages. However, when likened to regular banking, the cash in accounts tend to earn little interests.
Basically, this situation is a tough one for crypto users. But, the network solves this problem by giving users the opportunity to lend out their coins. This is done to earn interest, even more than the interest that would be gotten in financial institutions.
Celsius Network offers Cryptocurrency users lots of benefits that were not made available in the years before. Three most noticeable is that users can gain interest while using their Crypto. This is similar to regular banking.
However, it is at a much higher rate. It also allows users to borrow fiat currencies with their Cryptocurrency as the collateral. This alone would help to boost the wide approval of cryptocurrency.
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