Celsius Network brings banking without the high costs

The blockchain-based network, which currently has about 25,000 users, operates like a mobile wallet which allows users to borrow money using their crypto assets as collateral. “Our goal is to allow anyone in need of cash to easily borrow from the Celsius platform without having to sell their crypto holdings,” Alex says. “And since you’re borrowing dollars, not selling crypto, there’s no immediate taxes to pay for capital gains.”

Also, “When you borrow fiat from Celsius you only have to payback the interest, you can pay off the principal when you need your coins back.”

In a few days, Mashinsky adds, “Celsius will launch a new more robust version. Also, we’re currently developing native Celsius Tokens (CEL).” Once the tokens become available, users will be able to earn Proof of Stake fees from cryptocurrencies they deposit into their wallets. “Coins that are lent from member wallets or used as POS collateral will begin to accrue interest in the form of Celsius Tokens (CEL).”