Celsius, the cryptocurrency lending and lending platform, announced that it currently manages more than $ 2.2 billion in digital assets.

Celsius more than doubled its net worth of cryptocurrency six months after it crossed one billion dollars for the first time in June, according to the November 9 post. The platform has attracted a total of more than 215,000 users worldwide.

With the exception of AUM, Celsius’ balance now includes cash and special CEL tokens valued at over $ 680 million.

Celsius offers a central alternative to decentralized financing, which most of the crypto community has called “CeFi”. The cryptocurrency assets placed on the platform are loaned to the stock and market markets, where 80% of the interest received is distributed to the depositors.

Since its launch in July 2018, Celsius claims to have paid more than $ 80 million in shareholder compensation.

In a statement, Celsius CEO and founder Alex Mashkinsky described the company’s success as proof that “interest income is the new killer app of cryptocurrency.”

“We have generated more revenue for our customers than anyone else at DeFi or CeFi, and we have no plans to slow down anytime soon.”
Mashinsky made headlines last month after giving his wife $ 15 million worth of $ 20 million on her birthday. Mashinsky remains the largest holder of CEL despite an abundance of gifts, while his wife is now the fourth largest holder of CEL.

In August, Celsius raised $ 20 million from nearly 1,000 capital-raising investors sponsored by crypto platform BnkToTheFuture, leading to speculation about the company’s solvency.

Over the weekend, competing cryptocurrency lending service Cred filed for bankruptcy, listing liabilities ten times more than its assets, leaving users unsure whether they can recover their money from the platform.

Source: CoinTelegraph