Celsius (CEL) ICO Review – ICO Token News
Celsius (CEL) ICO Review – ICO Token News
The Celsius is an Ethereum based platform. It provides different types of powerful financial tools that help network members in lending, borrowing, and depositing the different varieties of crypto assets. It’s a simple peer-to-peer platform that will help to eliminate the need for financial authorities such as banks and exchanges with coin holders who will earn rewards for lending. To accomplish the whole task they have created the Celsius Degree token (CEL).
All about it
Celsius aims to design a platform that enables members to save their crypto assets while giving them an opportunity to borrow against assets, short trade, and hedge their positions. The platform will offer an easy and simple way of lending and borrowing coins at reduced rates and also allow earn interest on coin lending. The platform will work on the open ledger to ensure complete transparency for millions of transactions performed between the lenders and borrowers.
The key benefits of the platform include:
- Users can earn interest for depositing the coins into the CEL wallet by the trusted network members.
- Individuals who want to borrow cryptocurrencies can easily do so from the Celsius network, at highly competitive rates.
- Network members may short crypto assets instantly from lenders.
The company is creating its own online crypto wallet similar to LH Token, BunnyToken, MedTokens, Fabric Token, Joinwell, NAGA, ILCOIN which allows network members to earn interest, deposit coins, and borrow cash.
Features of the wallet:
Gaining interest: Once members deposits their coins into their wallet, they will be accessible on the network and can be utilized for the purpose of shorting and borrowing. The member will receive interest in the form of CEL for lending the coins from his wallet. In this way, a member can earn up to 9% of annual interest on every transaction.
Access dollar loans: The Celsius network allows the members to borrow US dollars against their crypto holdings. They can do it by using their CEL wallet coins as crypto collateral. In this way, anyone can borrow the cash from the Celsius network without selling their crypto holdings.
What is the Celsius Degree token?
The Celsius token is abbreviated with the symbol CEL. It is a next-generation ICO token which is specially designed for the Celsius trading and lending platform. With the help of CEL token, transactions can be easily done on the platform and also offer good return value to the token holders. The degree tokens can be used by the borrowers for paying fees and interest. These tokens will work like the backbone of the CEL network and also play a vital role in developing the lending and borrowing platform to be more beneficial for the customers.
Features of the platform
Secure and risk free
The security features are a top priority. They are utilizing bank-grade security to ensure the complete security and safety of the assets and data. The platform is equipped with multi-factor authentication, private key double vaults, etc. to keep it free from any security risk.
Protection on the lending platform
The Celsius lending protection pool will be utilized for protecting the Celsius network. If any default coin insured by the Celsius protection pool is lost, then its coin value will be restored immediately. The cash deposit status will be updated on the CEL wallet and also audited by the accounting firms numerous times in a year.
The company supports cryptocurrency community by making the loan process simple on their crypto holding. Moreover, it also helps a community by giving them a chance to earn interest on their crypto assets.
Compliant and legal
The company follows all rules and legal guidelines. The community members are required to complete their KYC formality to fulfil the anti-terrorism and anti-money laundering laws (AML).
The company is aiming to protect coin holders of the community by providing the most realistic rates for both dollar borrowers and coin lenders. They will charge nominal fees on the basis of an amount of interest applied on each borrowing transaction. The company will not charge any fee for transaction and account. Members will enjoy a minimum 5% annual interest on their lent coins.
What problems is Celsius solving?
Anyone who is storing their cryptocurrency on exchanges or wallet will not be receiving any interest. The Celsius network allows crypto assets holders to earn up to 9% interest on their lent coins. They are offered different lending options with the time duration from one year to one-day contracts at very attractive interest rates.
Crypto holders cannot use their digital currency to buy cars or for the payment of expensive credit card debt. Car dealerships or banks are still not taking crypto currency for any dealing. At Celsius, they believe that crypto assets possess its own real value which should be easily leveraged by the crypto holders to borrow cash.
The company wants to make the cash borrowing process easy and simple so that they allow its network members to utilize their crypto holding as collateral. It is beneficial for securing their low-interest loan in dollars. With Celsius, they don’t need to sell their crypto, as they can leverage their digital currency to borrow cash while maintaining their crypto assets for future value.
Crowd sale details
- Token Symbol : CEL
- Category : Finance
- Platform : ERC20
- Crowd sale date : Late Feb 18
- Initial Token Price : USD0.20
- Total Token Supply : 500,000,000
- Presale Goal : USD15,000,000
- Public Fundraising goal : USD15,000,000
- Accepted Tokens : ETH, BTC, USD
- Target Cap : USD100,000,000
- Excessive coins : Will be burned at the completion of the crowd sale.
- Delivery date : Delivery within two weeks of the close of the crowd sale.
The team behind Celsius
Alex Mashinsky, CEO.
Celsius is creating a P2P platform with the aim of evolving the future of borrowing and lending in a decentralized environment of blockchain technology similar to Hamster, Storiqa, Hade, Flying Money, Havven and Amon.
They are using a proof of stake approach that enables the platform community members to lend and borrow with each other without any interference from any government authorities.