Celsius Network, a cryptocurrency lending platform, announced that it has surpassed $4.25 billion in loan origination.
Using cryptocurrencies as collateral for fiat loans isn’t a new idea, but few companies so far have been able to create a successful business that provides cryptocurrency loans. Nonetheless, there are many crypto lending platforms available, all of them competing for an equally small part of the market.
The increased interest in crypto loans, however, has opened up Pandora’s box—a lack of oversight of the industry has enabled numerous bad actors and shady businesses to open up shop.
Changing the Lending Game
One of the bigger players in the space, Celsius Network, set out to challenge these industry standards with a transparent business model and an innovative approach to distributing loan interest.
Celsius CEO, Alex Mashinsky, disclosed to CryptoSlate that its target audience is everyone from ordinary customers sick and tired of low-savings bank accounts to institutions looking to profit from their crypto holdings.
Celsius Networks announced that the increased interest in crypto lending allowed the company to surpass $4.25 billion in loan origination since beginning its lending operations in July 2018. This is a 93 percent increase from the $2.2 billion at the beginning of 2019.