Celsius Crosses $20 Billion in Network Assets

Celsius has become the first company to break through the $20 billion assets barrier for any DeFi or CeFi platform. According to a press release published on 24 of August, the platform already holds $20,366,621,718 in cryptocurrency assets, a number confirmed by Chainalysis using an internally developed methodology in Celsius’ quarterly internal audit. 

Celsius has grown its total asset holdings from $1 billion to over $20 billion in less than a year — in March 2021, an audit confirmed that the company held $10 billion in assets. The asset growth trajectory is set to continue, as the company said it expects to add close to $1 billion a month in new assets. 

Alex Mashinsky, the CEO of Celsius, said that the company is redefining the way consumers earn and borrow on the blockchain:

“For years the traditional banking business has conditioned us to accept steep fees and no yield earnings on holdings as the status quo. With that failing model ripe for disruption, we built Celsius to give consumers what banks never could—a community-oriented platform that provides income and financial independence by offering low-cost lending and high-interest yield on 43 cryptocurrencies.”

The company attributed its exponential growth to its community-centric model that puts users ahead of shareholders. The platform enables users to earn yield of up to 17% on 43 cryptocurrencies, as well as use them as collateral to borrow dollars or stablecoins at rates as low as 0%.