Celsius Network will start implementing compounding interest on cryptocurrencies deposited in its wallet by February 1, 2020.
This was stated by the founder and CEO of the Cryptocurrency borrowing and lending platform, Alex Mashinsky, via Twitter on January 22.
The compounding interest feature was birthed as a result of its request by the Celsius community.
It also brings the community-driven app in line with venture capital-backed competitors and traditional financial services.
Mashinsky announced that there would also be changes in loyalty tiers and the ability to lend against EOS tokens.
He also noted the intending partnership with South Korean cryptocurrency exchange, Korbit.
Users can also now earn up to 8.1 percent APR on their first deposited Bitcoin (BTC).
Celsius is the fastest-growing crypto-lender
Celsius Network turned out to be the fastest-growing crypto-lender with $2.2 billion in coin loan origination.
However, this is no surprise as Celsius offers varying interest rates on deposits of a wide range of popular cryptocurrencies. They also included Ether (ETH), Bitcoin and Litecoin (LTC).
Also, with coins like Bitcoin Gold (BTG), EOS, Dash (DASH), and ZCash (ZEC). Higher interest rates of up to 10 percent are available on a selection of stablecoins.
Crypto-lending platforms have continued rising in popularity and the reasons are not far-fetched.
Although, these platforms enable the use of tokens as collateral against cash or stablecoin loans.
They also grant holders the chance to earn interest on their deposited assets.
About the Network
Celsius Network was established in the interest of the depositor community. According to them, the financial services do what is best for the community.
The network also addresses the financial needs of today’s consumers worldwide utilizing a high-interest income and low-cost lending accessible via a mobile app.
Celsius is also a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions.