Celsius Network, the leading crypto lending platform, has reported that it owns over $20 billion in digital assets, making Celsius one of the largest in the decentralized finance sector. There was an announcement on Tuesday. There, Celsius said that its holdings have grown more than 1,900% in less than a year.
As of August 13, it reached from $1 billion in June 2020 to $ 20.3 billion today. Celsius conducted an internal audit using technologies provided by Chainalysis, an analytics firm. It also determined that the company was adding about $1 billion in new digital assets each month. According to Alex Mashinsky, the CEO of Celsius, the platform’s growth can be attributed to its “low-cost lending and the high-interest yield on 43 cryptocurrencies” and also its community-driven model. The firm’s website shows that the platform currently has over 962,000 users. It is about 1% of its goal of “bringing the next 100 million people into crypto.”
Alpha Sigma Capital is also an investor in Celsius. Moreover, in March, according to a study by Alpha Sigma Capital, Celsius will reach $30 billion in assets under management. It will happen by the end of the year 2025. Despite the decentralized finance, or DeFi, space been disrupted by its biggest attack from an exploit on the Poly network this month, Celsius paid out $468 million in cryptocurrency reward to all the depositors in the last year.
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