Celsius CEL Price

What is Celsius (CEL)?

Celsius (CEL) is a cryptocurrency and a financial platform designed to provide users with access to various financial services, including lending, borrowing, and earning interest on their digital assets. Launched in 2017, Celsius Network aims to create a community-driven environment where users can benefit from the decentralized finance (DeFi) ecosystem. CEL is the native utility token of the Celsius Network, enabling users to receive various benefits such as reduced interest rates on loans and higher interest rates on deposits. As of 2024, CEL has seen significant adoption, with a market cap consistently ranking it among the top 100 cryptocurrencies, trading around $0.50 to $1.00.

Who are the Founders of Celsius?

Celsius Network was co-founded by Alex Mashinsky, a prominent figure in the crypto space and one of the inventors of Voice over Internet Protocol (VoIP). Alongside him, other key figures include Daniel Leon, who serves as the COO, and Nuke Goldstein, who is the CTO. Their combined experience in technology and finance has been pivotal in building the Celsius platform, which focuses on providing transparency, user control, and competitive rates in the crypto lending and borrowing space.

How does Celsius Work?

Celsius operates on a simple and user-friendly model. It allows users to deposit cryptocurrencies into the Celsius wallet, where they can earn interest on their holdings. The platform lends these assets to institutional borrowers, generating yields that are shared with the depositors. Users can earn interest in CEL tokens, which can boost their returns. Celsius supports various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and stablecoins like USDC and Tether (USDT).

The Celsius Network utilizes a tiered interest rate system, where users can earn up to 17% APY on their deposits, depending on the asset and the amount deposited. Additionally, Celsius allows users to take out loans against their crypto holdings without the need for credit checks, providing greater financial freedom. Loan-to-value (LTV) ratios typically range from 25% to 50%, depending on the asset used as collateral.

Top Use Cases of Celsius

• Earning Interest: Users can deposit various cryptocurrencies to earn interest, making their assets work for them.
• Borrowing Against Crypto: Celsius allows users to secure loans using their crypto as collateral, providing liquidity without the need to sell their assets.
• Token Swap: Users can swap between different cryptocurrencies within the app, enhancing trading flexibility.
• CEL Token Benefits: Holding CEL tokens can lead to increased interest rates on deposits and reduced interest rates on loans, incentivizing users to engage more with the platform.
• Community Governance: As Celsius grows, it plans to incorporate community governance features, allowing CEL holders a say in platform developments.

How to Keep your Celsius Safe?

Ensuring the safety of your Celsius assets involves several best practices:

• Enable Two-Factor Authentication (2FA): Always enable 2FA on your Celsius account to add an extra layer of security.
• Use Strong Passwords: Create complex and unique passwords for your account to prevent unauthorized access.
• Keep Your Software Updated: Regularly update your device’s software and the Celsius app to protect against vulnerabilities.
• Withdraw to a Secure Wallet: For long-term storage, consider withdrawing your assets to a hardware or software wallet that you control.
• Stay Informed: Follow Celsius updates and security advisories to remain aware of potential risks and platform changes.