Crypto Platform Celsius Network Reaches $4.25 Billion in Total Loans
Adrian Zmudzinski's original article for cointelegraph.com reduced by 56%
Cryptocurrency platform Celsius Network announced that it reached $4.25 billion in total crypto loan origination as of Nov. 12 in a press release shared with Cointelegraph. Celsius reached $4.25 billion of cryptocurrency loans since the start of its activity in July 2018 calculated at current Bitcoin prices, a 93% increase from the $2.2 billion reported on Aug.
1, 2019.A fast-growing lending network. The company also claims $450 million in customer deposits and collateral from loans under management, which represents a 50% increase from $300 million on Aug. 1 this year.
Celsius also reveals it paid its users $5 million in interest payments or 66% more than the $3 million paid by Aug. 1. A recently Q3 report released by institutional digital asset lending firm Genesis Capital revealed that the platform added $870 million in new originations during the quarter.
Still, some uncertainties remain as to how crypto lending should be regulated. As Cointelegraph recently reported, global banking regulator Basel Committee on Banking Supervision is currently studying how much capital lenders should hold to cover the risks generated by dealing with cryptocurrencies.
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