Crypto lender Celsius has paid out $250M in rewards

Crypto lender Celsius has paid out $250M in rewards


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

Celsius announced the milestone in a Monday press release, which highlighted the company’s significant growth over the past two years. “Celsius remains one of the fastest-growing companies in finance as it achieves new milestones week-over-week,” the company said.

Unlike DeFi protocols, Celsius offers a centralized alternative that lets users deposit crypto assets onto its platform. The deposited assets are lent out to exchanges and market makers, with the vast majority of interest payments distributed to depositors.

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By Nov 2020, Celsius had paid out more than $80 million in crypto rewards to depositors. That figure 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 over 40 crypto assets. The company now manages over $8 billion

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