The Celsius Token (CEL)
CEL tokens will be able to use to secure access to loans in dollars using their crypto as collateral. In the future, members who deposit coins in their
Celsius Wallets will also be able to earn CEL Tokens as a reward for lending to the network.
The're designing CEL (ERC20 Token) to be the backbone of the Celsius Network, creating a value-driven lending and borrowing platform for all members.
The Celsius Token (CEL), at the moment of the Token Generation Event (TGE), have utilities including:
• the ability to become a member in the Celsius platform and community
• the ability to deposit your cryptocurrencies in the Celsius wallet
• the ability to apply for dollar loans with cryptocurrencies as collateral
• the ability to pay interest on these loans at a discount
In the future, the CEL token have additional utilities including:
• allowing members to lend cryptocurrencies in order to gain interest
• achieving seniority in the platform which will impact the interest rate gained
• get interest rewards on cryptocurrencies lended
Celsius’ community are continuing to grow as more and more people are able to get loans in dollars using their crypto as collateral or as they lend their unused coins as credit to other members. Crypto assets holders can get more CEL tokens the more they loan and borrowers pay less to hedge their positions. As more people join the Celsius ecosystem, the more everyone benefits.
Celsius is driven to create a financial platform where your interests are in top priority.
Sometimes You Just Need Cash
Members may be holding crypto, but now they need to buy a car or pay down expensive credit card debt. Unfortunately, most car dealerships or banks still don’t want cryptocurrency. The crypto assets hold real value, and it should be easy for crypto holders to leverage this value to borrow cash.
Crypto Collateral = Cash in Hand
Celsius’ goal is to allow its members to use their crypto holdings as collateral in order to secure low interest loans in dollars. Rather than selling their crypto (pay taxes and forfeit potential future gains), with Celsius they can leverage their cryptocurrency to borrow the cash they need today, while still maintaining their crypto portfolio for future value.
Wallets Without Interest, Nobody Wins
Anyone with cryptocurrency sitting in cold storage or on some exchange or wallet, is earning exactly zero interest. There should be a way for crypto holders to HODL coins while still leveraging their crypto assets and helping other crypto holders.
Crypto Interest
By depositing coins on the Celsius Network, crypto asset holders will be able to earn up to 9% interest for their lent coins. We plan to offer a large array of lending options, from one-day to one-year contracts, all with highly competitive interest rates. With Celsius, members will be able to easily earn interest on their crypto assets the same way they earn on the savings in the bank - but with much better rates.
The 99% Not The 1%
Most financial institutions still don’t get cryptocurrency. They want to short the market because they’re blinded by being so late to the party on this one. Right now, there’s no good place for them to go to bet against the cryptocurrency market other than expensive futures markets like the CME and centralized exchanges.
Sure, Go ahead and short
Fortunately they are willing to pay high fees to do so, so many of them want to short the market. After the Token Generation Event is completed, they will begin working on the platform that will allow them to make the most of their greed by taking up to 50% cash deposits and charging us interest when they hedge. This lets them pass most of the earnings back to the community and lend more dollars to the rest of the Celsius community.
Members who want to borrow dollars against their crypto coins will be charged interest below 10% to further grow the community and invite outside people to buy more crypto.
#TheWorldNeedsBankingButItDoesn'tNeedBanks.
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