Celsius partners with Tether to offer USDT with annual yield of 10.53%
Date: 2019-08-23   Author: Paroma Bhattacharya  Category: #news

Celsius partners with Tether to offer USDT with annual yield of 10.53%

Simultaneously, the use of stablecoins reduces the cost of capital, allowing Celsius to offer loans at a lower interest rate.

Celsius Network, a top cryptocurrency platform, has reportedly announced that it has partnered with Tether, a stablecoin tied to the value of the dollar. The Celsius app is now compatible with USDT ERC20 Stablecoin, which enables USDT holders to win rewards and borrow in a much less volatile currency than other crypto currencies.

Apparently, in addition to the current Stablecoins and Fiat loan options, Celsius users can now apply for loans in USDT at an interest rate of only 4.95% per annum. The company presently provides interest income of 8.1% pa on USDT deposits and 10.53% pa ??on payment in CEL tokens. Simultaneously, the use of stablecoins reduces the cost of capital, allowing Celsius to offer loans at a lower interest rate.

Last year, Celsius reached important milestones in the decentralization of the traditional financial system. Since July 2018, the company granted loans of total value of over $2.2 billion. It also observed customer deposits and collateral from managed loans in excess of $350 million. Also, Celsius has done interest distribution of more than $3.5 million.

Alex Mashinsky, CEO, Celsius Network, Celsius, reportedly stated that the company has been working on a broad adoption of cryptocurrencies by paying ten times the credit rates of traditional banks and lending at interest rates not available to any bank or crypto lender. With stablecoins like USDT, cryptocurrency owners can manage their money in crypto, enabling smooth deals and avoiding the lows and highs of the market. The company will also continue to share profits in the future, even if others only socialize losses, he further added.

For the record, Celsius Network serves the financial needs of today's consumers worldwide through a platform of high interest rates and low-cost loans accessible through a mobile app. The modern Celsius platform offers access to curated financial services which are not available through traditional financial institutions.

Source credit: https://www.businesswire.com/news/home/20190821005794/de

 



About Author


Paroma Bhattacharya

Paroma Bhattacharya

Paroma currently works as a content developer for AlgosOnline. Fortified with a post-graduation degree in Journalism and Mass Communication, she delved head long into a writing career, creating resourceful and information enriched content in diverse fields. Apart from...

Read More

More from Paroma


Post Recommendents

Helen of Troy announces the completion of its acquisition of Drybar
Author: Saipriya Iyer

Helen of Troy Ltd., a renowned US-based developer, and marketer of beauty, health and home products, reportedly announced the completion of acquisition of California based haircare product retailer, Drybar. The company...


Airtel & Western Union launch real-time payments in India & Africa
Author: Pankaj Singh

Bharti Airtel, a renowned telecommunications company operating across 18 countries in Africa and Asia, and Western Union, an American communications and financial services firm, reportedly announced a new milestone in ...


Flutterwave raises funding of $35 Mn & partners with Worldpay FIS
Author: Saipriya Iyer

Flutterwave, a Lagos and San Francisco-based company, has recently raised $35 Mn through a Series B funding round. The company has also announced a partnership with a payment processing company, Worldpay FIS to scale u...