The rewards system is one of the most attractive features of Celsius. Unlike traditional banks that offer extremely low-interest rates on deposits, Celsius offers up to 15% annual returns on cryptocurrency held in its wallets. This means that users can earn more on their savings and investments while also having the option to withdraw their funds whenever they want.
For those looking to borrow money, Celsius offers easy loan requirements and no bank-style fees. The loans are also asset-backed, meaning that borrowers must supply more than 100% of what they borrow in the destination currency, making the loan process secure.
Celsius also provides users with wallet-style payments, making it easy to send and receive cryptocurrency without having to use multiple apps or services. With its user-friendly interface, sending and receiving payments has never been easier.
Celsius also offers higher returns on savings and deposits. This is because Celsius utilizes a "proof of stake" algorithm for its token. This algorithm verifies ownership of tokens, which rewards users with higher returns for their involvement in validating transactions.
To ensure the security of its users' funds and information, Celsius uses a modified proof-of-stake algorithm for its token and has outlined broader security procedures. This means that users can be confident that their payments and investments are secure.
The unique and innovative design of the Celsius system means that it can operate with much lower overhead costs than traditional banking and lending institutions. This allows it to offer higher returns on investments, lower fees, and easy-to-use financial services.
One of the primary benefits of using Celsius is the higher returns users can receive on their investments. With its rewards system, Celsius allows users to earn up to 15% annual returns on their cryptocurrency held in its wallets. This is a significantly higher return than what is offered by traditional banks.
Another benefit of using Celsius is the ease of the loan process. With easy loan requirements and no bank-style fees, Celsius makes it easy for users to borrow money when they need it. Additionally, because Celsius uses asset-backed loans, borrowers can be sure that their loan process is secure.
Security is also a major benefit of using Celsius. With its modified proof-of-stake algorithm for its token and broader security procedures, Celsius ensures that its users are protected from hacking and other security breaches.
Co-founders Alex Mashinsky and Daniel Leon bring extensive experience to Celsius. Mashinsky has a background in internet development and is known for co-inventing Voice over Internet Protocol (VoIP) technology. Leon, on the other hand, has experience in growing early-stage startups, having been involved with successful companies such as Blucora and Safe Frontier.
Their extensive experience and unique skill sets have allowed Celsius to build a platform that is secure, easy to use, and offers high returns on investments.