Celsius Network, a cryptocurrency lending and borrowing platform, announced on Wednesday the offering of loans against 26 different cryptocurrencies. The platform reported every asset accepted in the Celsius Network wallet will also be approved for loan collateral. Users may now borrow stable coins and fiat against any asset they hold with Celsius.
The list of asset options includes new additions such as stablecoins TUSD, PAX, USDT, and GUSD, altcoins DASH, ZRX, XLM, and for the first time the firm’s native token, CEL. Celsius Network CEO, Alex Mashinsky, stated:
“Celsius users are a community of HODLers. They don’t want to sell, but sometimes they need cash. Now we are able to give every HODLer the opportunity to borrow the cash they need without selling any of their assets.”
Founded in 2017, Celsius addresses the financial needs of today’s consumers worldwide through a democratized interest income and lending platform accessible through a mobile app.
“Built on the belief that financial services should only do what is in the best interests of the community, Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions.”
Celsius Network recently announced it secured $18.8 million through its latest investment round. The platform notably offers loans in over 200 countries via its mobile app. App users transfer crypto to Celsius as collateral and can borrow 25%, 33%, or 50% of its value in cash or stablecoins. Interest on loans starts just under 1% APR with no credit history or credit check required.