An independent audit by Chainalysis has concluded that lending and borrowing platform Celsius Network has more than $3.3 billion in digital assets, Celsius said in a press release on 9 December.
According to the announcement, the audit conducted by Chainalysis will provide community members with greater transparency, further strengthening their trust in the Celsius Network. This is also the first time that a third-party has verified the amount of assets under Celsius — based on digital asset transactions, total deposits and total withdrawals — since the platform was launched back in June 2018. The CEO of Celsius Network, Alex Mashinsky, said in a statement:
“The conclusion of our audit is a great step in building greater trust and transparency for our members and for the industry at large. With the validation of a third-party, we’re providing additional transparency into our business, which remains one of the industry’s most reliable, secure and rewarding platforms for putting unparalleled economic freedom into the hands of the people.”
This was the first instance in which Chainalysis used its transaction monitoring software to conduct an audit, the process of which included accounting for over $7.6 billion in deposits and $4.29 billion in withdrawals. The results were also confirmed by Chainalysis Reactor, the firm’s blockchain analysis tool. The audit follows Celsius’s claim from last month that it had surpassed $2.2 billion worth of digital assets held under management.
The press release also claimed that Celsius Network had “more than doubled” its crypto holdings since May, thanks to its efforts to make crypto investing more accessible around the world. In the past few months, the firm has lowered its loan minimums, added new token listings, and expanded its crypto rewards. Back in June, the firm claimed to have paid more than $17 million in rewards to its community, $12 million of which were in BTC and $3 million in the platform’s native token CEL.