Celsius is a decentralized personal lending platform founded in July 2017. The Celsius Network was founded with a mission to harness blockchain technology to provide financial freedom, opportunity and opportunity. economic and income equality unprecedented 99%. Big banks and financial institutions have long shied away from greedy, unethical and risky practices. The time has come to replace our current financial systems with a new model that works only in the best interest of the community.
The Celsius network platform offers members curation services not available in traditional institutions. Our goal is to act as a catalyst for disruption, financial replacement globally by providing services that will bring the next 100 million people into the cryptocurrency system.
CEL is the token of decentralized lending platform, Celsius was issued ICO in March 2018.
CEL is built and developed on top of Ethereum according to ERC-20 standard.
With a total initial supply of 650 million, the development team distributed the CEL at the following rate:
40% was sold in the Presale funding round.
10% sold through Public Crowdsale.
27% are used as Treasury reserves.
19% is held by Celsius development team.
2% for Celsius partners.
2% belongs to Celsius’ advisory team.
What is CEL used for?
CEL is used in the Celsius ecosystem with the following roles:
User must store at least 1 CEL in wallet to use Celsius service.
When the ability to lend USD is limited due to high demand, holders of many CELs will be given priority to lend first.
Low loan interest rate
Users who pay the loan will receive a 25% discount when paying with CEL tokens.
High interest rate
Users will be paid 20% higher interest if they accept to be paid in CEL tokens
Lower interest rates for coin loans
Users paying coin loans will get 20% off if paying with CEL tokens.
Users will get cash back in CEL tokens when using CelPay.
With a rate of 1% when trading with BTC or ETH and 2% when trading with CEL tokens.
Premium service, support and events
The 100 holders with the most tokens will be prioritized for various services, support and participation in events organized by Celsius.
Alex Mashinsky – CEO: Alex is one of the inventors of VOIP (Voice Over Internet Protocol) with a platform patent dating back to 1994 and he is currently working on MOIP (Money Over Internet Protocol) technology platform. Alex is granted over 35 patents related to exchange, VOIP protocols, messaging and communication. A serial entrepreneur and founder of 7 startups based in New York City, Alex has raised over $1 billion and escaped over $3 billion.
S. Daniel Leon – Founding Chairman & COO: Daniel Leon is an entrepreneur and social activist who has experience in developing early stage construction companies and organizations. Daniel has co-founded and led many companies and nonprofits. He served as CEO of Atlis Labs, a local discovery platform, before being a managing partner of Governing Dynamics.
Nuke Goldstein – CTO: Nuke is a seasoned software developer, architect, innovator and entrepreneur in the field of advanced technology. His career spans from image processing and AI to IoT and blockchain. Before working on crypto lending platform Celsius, he designed P2P credit protocols using distributed storage and smart contracts.
The P2P lending segment in the crypto market is not new. Currently, Celsius faces many big competitors such as NEXO, Maker DAI, BlockFi, Coinbase, etc. It is likely that Celsius will lose the race to gain market share for this P2P loan.
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