Lending and borrowing platform Celsius Network now has more than $10 billion worth of cryptocurrency assets under management, Celsius said in a press release on 10 March.
According to the announcement, the firm used the same third-party validation tools as it did back in December 2020, to confirm it has more than tripled its amount of total assets in less than 100 days. The amount of users on the platform has also doubled in that time — rising to more than 485,000 total members worldwide — which was the result of the public’s growing interest in Bitcoin and cryptocurrency. The CEO of Celsius, Alex Mashinsky, said in a statement:
“Celsius is a one-stop-shop for crypto yield income and low-cost margin loans, and our exponential growth proves that our approach of putting the customer first and delivering transparency-based services that consistently produce the highest yields in the industry is exactly what people are looking for.”
In addition, Celsius said half its growth in assets could be attributed to the incredible growth of the crypto market since its last audit 100 days ago, and the other half to the exponential growth in users and net transfers on the platform. The firm remains confident it will soon be able to cross the half a million user mark soon, and eventually reach its 2017 founding goal of “bringing the next 100 million people into Crypto”.
Back in December 2020, the firm partnered with blockchain analysis company Chainalysis, which for the first time used its transaction monitoring software to conduct an audit, and confirm the platform had more than $3.3 billion in digital assets at the time. Chainalysis used its tools to go through all digital asset transactions, total deposits and total withdrawals on Celsius since its launch in 2018, and then confirm the results with its Chainalysis Reactor blockchain analysis tool.