What is Celsius?
The Celsius token, or CEL, is the native utility token powering the Celsius ecosystem. The latter is a blockchain-based lending company deployed on the Ethereum network.
CEL is an ERC-20 token that has more than one use case.
There are 2 ways to obtain CEL - buying it on major exchanges or earning it on the Celsius platform.
There is a total supply of 700,000,000 Celsius tokens. Since there is a limited supply, the CEL price has the potential to grow exponentially as there will be fewer and fewer tokens in the circulating supply.
The Celsius tokens have been allocated as follows:
- 40% - Pre-Sale;
- 27% - Celsius Treasury;
- 19% - Team;
- 10% - Crowdsale;
- 2% - Partners;
- 2% - Advisors.
Just like the majority of digital assets, the Celsius price experiences volatility. You can check the fluctuations of the CEL price on the graph above.
What are the Main Features of Celsius?
As discussed in the What is Celsius section, Celsius is a Peer-to-Peer lending platform powered by blockchain technologies. To put it simply, it allows users to take out a loan in US Dollars by depositing collateral in the form of crypto assets. Celsius operates using the Proof-of-Stake (PoS) consensus algorithm.
Besides borrowing fiat currency, users can also borrow USDC, USDT, TUSD, MCDAI, GUSD, and PAX.
When it comes to putting forward collateral, Celsius supports more than 40 cryptocurrencies including BTC, ETH, MATIC, BUSD, and, of course, CEL, among other crypto assets.
However, it’s important to note that the deposited collateral does not receive insurance from Celsius. This means that, in case of internal technical issues or an attack on the network, crypto assets, which were put forward as collateral, may be lost.
Crypto-backed loans aren’t the only solution provided by Celsius. In addition, it allows users to earn rewards for depositing their crypto assets into the platform. These rewards come in the form of interest of up to 9% and regular payouts that are even higher for Celsius token holders.
This is especially beneficial in uncertain conditions as it allows crypto holders to lock up their assets and earn interest without having to sell the asset itself.
It also provides API solutions to businesses that facilitate the integration of crypto-based lending and borrowing services into their project.
Celsius Swap facilitates seamless crypto swaps with more than 40 trading pairs. Most importantly, there are no fees associated with swapping on the Celsius app.
Moreover, Celsius enables users to buy crypto with their credit/debit cards. It’s also working on a way to send crypto assets to contacts on the user’s phone. This product is called CelPay and is currently in development.
One of the main goals of this project is to replace the role of banks when it comes to financial services such as borrowing money. Additionally, it aims to make crypto investments an option for an average person, without subjecting them to high levels of risk.
Don't forget to check the Celsius price on the graph above if you're considering purchasing the CEL token.
Who Developed Celsius?
The idea behind the Celsius crypto project was born in 2017, while the project itself was launched in May of 2018 via an Initial Coin Offering (ICO) event. The ICO was extremely successful, as it raised around $50,000,000.
The company itself is based in New York and also has offices in Jersey, London, and Tel Aviv.
Its co-founders are Alex Mashinsky, S. Daniel Leon, and Nuke Goldstein.
Alex Mashinsky is the CEO and Chairman of Celsius. He holds a degree in Electrical Engineering and Economics from the Open University of Israel and Tel Aviv University respectively. Mashinsky is the founder of Transit Wireless and Governing Dynamics. He’s also known for being one of the inventors of the Voice Over Internet Protocol (VOIP). The current project of Mashinsky is the Money Over Internet Protocol (MOIP).
S. Daniel Leon is the CSO of the project. He went to Brown University where he earned a degree in Economics. Besides Celsius, Leon has also founded Atlis Labs - a discovery platform.
Nuke Goldstein serves as the CTO of Celsius. He received his education from the Israel Institute of Technology where he earned his degree in Computer Science. Celsius is not the only project Goldstein founded, some of his other companies include Zeyfo, the Carbon Project, and Sevenpop.
The core team consists of over 10 professionals from diverse professional backgrounds.
Miko Matsumara, who is a General Partner at Cryptos Capital, serves as the sole advisor to the Celsius crypto project.
The Celsius crypto project has signed partnership agreements with crypto companies like Korbit, Bitfinex, and Voyager, among many others.
