Launched in 2017 by Alex Mashinsky the founder of the famous internet protocol VoIP. Celsius is a cryptocurrency based P2P lending platform. The platform like others was founded with the intent of enabling users to seek loans that benefit all users of the platform.
The platform works by enabling people to deposit cryptocurrency to the Celsius Network. They can then request a loan in US dollars. Alternatively people can deposit their cryptocurrency on the platform and accrue interest in the cryptocurrency they deposited or Celsius Tokens.
Loans are handled automatically by the system and require no user interaction. There is also no fund lockup. Users are free to deposit and withdraw their cryptocurrency as they please.
Yesterday Celsisus announced the launch of support for Ethereum Classic. This means that holders of Ethereum Classic can deposit their coins on to the platform and earn interest.
Founder and Chairperson of Ethereum Classic Labs, James Wo, had this to say:
Financial inclusion and diversity were key founding values of ETC Labs that hold true today. We’re excited to see ETC added to the Celsius wallet and made available to its 120,000 users,
James Wo
This adds Ethereum Classic to a list of over 20 supported currencies varying from majors like Bitcoin and Ethereum, to stable coins. Currently Ethereum Classic deposits are earning just over 6% APR if you choose to accrue more ETC, while if you choose to earn in CEL tokens the APR is just over 8%.
According to the Celsius Network website they currently have over 40,000 active wallets as well as over $300 million dollars in assets and with the addition of ETC this may be set to increase.
