How Celsius Turned Its Crypto ICO Into a Billion-Dollar Lending Business
Lending startup Celsius went from a $50 million token sale to $1 billion in crypto deposits.
Celsius Network has teamed up with oracle provider Chainlink to make the price feeds it uses to calculate asset interest rates less centralized.
“As of five minutes ago, everyone who needed to post collateral has,” Genesis CEO Michael Moro said Friday afternoon.
Like all lending, the crypto kind carries risk. Celsius may be taking more of it than depositors, who have loaned it more than $1 billion, fully realize.
Bitcoin remains steady, with its 24-hour price in the $8,600-$8,800 range.
The Litecoin Foundation has tapped Celsius Network, a blockchain-based crypto lending program, to become its preferred crypto wallet.