The cryptocurrency platform Celsius Network, which works in the field of lending, reported that the total volume of loans issued by the company in cryptocurrency exceeded $4.25 billion.
The platform was launched in July 2018, and, as of August 1, 2019, has issued loans of $2.2 billion. thus, the growth in lending amounted to 93%. Now the company’s clients are more than 50,000 people from 150 countries and more than 150 organizations.
The Celsius Network says it holds $450 million in deposits and funds to secure loans under management. The increase from August 1 was 50% from $300 million Users were paid $5 million in interest, which is 66% higher than on August 1.
“Celsius returns 80% on loans to our depositors without any minimums, restrictions, fees or penalties. Our incredible growth shows that there is a strong demand for lending platforms that put the needs of savers first, ” said CEO Alex Mashinksy.
In August, it was reported that the market for cryptocurrency loans reached almost $5 billion, but the yield for lenders is less than 2%. At the same time, 65% of the market is served by Celsius and Genesis.
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Compound, the developer of the decentralized financial services lending Protocol, raised $25 million in a series a funding round.
Among the investors of Compound are companies such as Andreessen Horowitz, Bain Capital Ventures, Polychain Capital, Paradigm and others. Compound also raised $8.2 million in funding last year.
Now the company intends to conclude a number of partnership agreements with cryptocurrency exchanges, brokers and custodians to integrate lending services into their business.
Online wallet operator Blockchain.com it is also considering options for expansion in the field of cryptocurrency lending. In August this year, the company issued loans of $10 million, and in November this figure can reach $120 million.
According to the CEO Blockchain.com Peter Smith, this direction the company began to develop spontaneously. At the same time, it was initially decided to provide assets to other lending services.
The company imposes increased requirements on its customers in terms of collateral, so that it is not possible to inflate the credit bubble, which at some point can burst and cause significant damage.
BLockchain.com does not establish any restrictions in the context of the issued funds, thanks to which, according to Smith, the service quickly becomes popular and conquers the market.
After a video at the end card
Roman: Well that sure was a doozy
Virgil: If by “doozy” you mean “exhausting”, then I agree…
Roman: *Looks a Virgil* Well perhaps if you hadn’t worried so much-
Virgil: Princey, we’ve been over this. I’m Thomas’ anxiety, I worry about everything.
Roman: Oh fine, Grim weeper, whatever you say. And by the way, can I have my comb back? What did you even need it for?
Virgil: To comb my pet spider.
Virgil: Here you go *tosses Roman’s comb back to him.*
Roman: *Immediately burns it in a fire* I am never lending you my things again.
@paradieso sent: im coming for your sword
❛ yeah , good luck with that . ❜