Crypto platform Celsius announced that it has attained a total of $4.25 billion in crypto loan originations. Since the inception of its activity in July 2018, calculated at the current Bitcoin price, Celsius attained <a href="https://www.cryptoknowmics.com/crypto/" target="_blank" rel="noopener">cryptocurrency</a> loans amounting to $4.25 billion. On August the 1st, 2019, about a 93 percent rise from the $2.2 billion was reported.

Celsius Network A Fast-growing Lending Network 

According to reports, about $450 million in customer deposits, as well as collateral from loans under the management, was disclosed by the company. This accounted for about 50 percent rise from the $300 million recorded on the 1st of August.

The company also opined that it paid $5 million in interest payments to its users. This represents 60 percent or more than the $3 million paid on August the 1st.

According to a statement credited to Alex Mashinsky, the <a href="https://celsius.network/" target="_blank" rel="noopener">company’s CEO</a>, the company gave back about 80 percent of loan interest to their depositors. These loan interests he said, came with no minimums, caps, fees nor penalties. The CEO went ahead to stress that the incredible growth of Celsius displays an increase in demand for lending platforms that puts the needs of depositors on its front burner.

A Quickly Developing But Unregulated Industry 

The latest information discloses the fast pace in which the cryptocurrency lending industry is growing. About $870 million in new originations were added during this quarter. This information was based in a Q3 report revealed by Genesis Capital, an institutional digital asset lending firm.

Conclusion 

An uncertainty, however, lingers as to how cryptocurrency lending should be checkmated as well as regulated. A study on how much capital lenders should hold to cover the risks posed by dealing with cryptocurrencies was undertaken by a global banking regulator. That global banking regulator is the Basel Committee on Banking Supervision.

Celsius Network Reaches $4.25 Billion In Total Loans

I am olowoporoku adeniyi, writer, editor and crypto evangelist, with five years experience in the Blockchain industry.

Celsius Network Reaches $4.25 Billion In Total Loans

Top Picks