Crypto lender Celsius has paid out $250M in rewards

Celsius, a central cryptocurrency lending platform, claims to have paid more than $ 250 million in rewards to its 415,000 users, underscoring the rapid growth of blockchain lending protocols.

Celsius announced the achievement in a press release released Monday, highlighting the significant growth of the company over the past two years. “Celsius continues to be one of the fastest growing companies in finance as it is making new milestones week after week,” the company said.

Unlike the DeFi protocols, Celsius offers a centralized alternative that allows users to deposit crypto assets on its platform. Deposited assets are loaned out to exchanges and market makers, with the vast majority of interest payments distributed to depositors.

By November 2020, Celsius had paid more than $ 80 million in crypto rewards to depositors. This number appears to have more than tripled, based on Monday’s press release.

Celsius users have the ability to earn weekly rewards of up to 18.5% APY on more than 40 crypto assets. The company now manages more than $ 8 billion in cryptocurrency assets.

Alex Mashinsky, Celsius Co-founder and CEO, said:

“Celsius was created to act in the interest of society, and we have consistently provided honest, transparent and rewarding financial services.”

Celsius ‘continued growth helped make Mashinsky a place in the Cointelegraph Top 100 of 2021. Not only did Mashinsky help put Celsius’ network on the map in 2020, but he was instrumental in securing an additional $ 20 million in crowdfunding from over 1,000 investors. The platform’s original token, CEL, significantly outperformed most of the major cryptocurrencies last year.