Celsius Network Crypto Review
Celsius network is a kind of bank for crypto, who pride themselves on their ethical behaviour and curated services. You can find their website here https://celsius.network
The network offers lightning fast transactions, zero fees and fair rates of interest. Currently Celsius have processed $8.2B in loans, have over 215K active users and have over $1.5B in community assets.
Celsius have their own token called Celsius Network (CEL). Account holders who opt to be paid their weekly rewards in CEL, can earn up to 30% more rewards on all deposits of non-CEL coins.
CEL tokens give you access to higher rates on earnings and lower rates on loans.
There are different tiers of reward programs for your deposits, Bronze, Silver, Gold and Platinum. The larger the percent of your holdings that are CEL tokens, the greater the rewards. For example, at the time of writing, if you have over 20% of your holdings in CEL, you will be in the Platinum loyalty tier.
Platinum loyalty holders receive 30% bonus rewards and 30% loan interest discount.
At the other end of the scale, customers with 5% – 10 % holdings of CEL tokens, qualify for the Bronze loyalty tier, and receive bonus rewards of 5% and a loan interest discount of 5%.
Celsius share up to 80% of their revenue with the Celsius community in the form of weekly rewards – up to 10% for everyone. The total token supply of CEL is 695,658,161.
A Celsius app is available to download from the Apple App store or Google Play. From the app, you can send transactions, receive payments and view your accounts details.
You can apply for loans within minutes from the app, but you need to hold collateral with Celsius to qualify. Interest rates are from 1% APR.
For example, at the time of writing a $500 loan over 6 months would cost $1.75 in total interest, but you would need 4.4051 ETH in collateral to qualify. No credit check is required.
Obviously if you hold Celsius tokens, you can benefit from any price increase in the tokens although these could go down in value as well.
The loan service provided could be very useful for existing crypto holders who would like to speculate on other cryptos, without selling their holdings.
You can deposit your crypto with Celsius to earn interest – current example rates of APR are: Ethereum 7.21%, Bitcoin 5.9%, Celsius 5.12%.
Use the calculator at https://celsius.network/earn-rewards-on-your-crypto/ to find the rate of interest paid out for each crypto over the term of your choice.