Celcius Network, a blockchain-based platform providing curated financial services to the users, has reached another milestone in its success story; the platform has announced to offer 26 different cryptocurrencies as loan collaterals. This initiative will solidify Celcius Network’s position to be the most flexible crypto loan provider.
From now onwards, every asset on the Celcius Network can be used by the users as loan collaterals for borrowing fiat and stable coins at the most competitive rates. The new scheme is released soon after Celcius announced a 1% APR loan option in May, and it is expected to provide the most customizable loan options to the Celcius token holders. The announcement to offer loans to borrowers against their cryptocurrency at just 1% APR is a part of the COVID 19 relaxations offered on the Celcius platform.
The various assets that can be used as loan collaterals on the Celcius platform apart from the native coin CEL are stablecoins like PAX, USDT, TUSD, and GUSD, and altcoins like ZRX, DASH, and XLM.
Users settled in over 200 countries across the world can borrow loans against any of the assets available on the Celcius platform via its mobile app named CelPay. This mobile app serves to be a great medium to send or receive funds between friends, without any extra costs on transactions. For referrals, the users can also earn an extra of $20 free in BTC on the Celcius Platform.
App users need to transfer their crypto assets to the Celcius platform as collaterals and can borrow up to 50% of its value either in cash or stablecoins if they wish to. Users automatically qualify for 1% APR when they use crypto as loan collaterals. As soon as the users deposit crypto (minimum $1) on to the Celcius, the network pays them up to 10% interest on all crypto holdings every Monday.
The best thing to borrow on the Celcius Network is that the platform does not charge anything toward the services provided; there are no fees charged towards withdrawals, deposits, transactions, or even terminations. If you ever need cash but do not want to sell your coins, you can borrow US dollars against crypto, which starts at 4.95% without any costs.
Therefore, if you want to earn interest using different cryptocurrencies in one single wallet, Celcius Network is the perfect platform for you.
