What is Celsius Network?
Celsius Network was founded in 2017 by Alex Mashinsky, a serial entrepreneur and inventor of several technologies, including Voice over IP (VoIP). The company’s mission is to provide financial freedom to its users by offering fair and transparent financial services. Since its launch, Celsius has gained popularity among cryptocurrency enthusiasts and has become one of the leading platforms for borrowing and lending digital assets. Know more about Celsius Network, click here
What is Celsius HODL mode?
Celsius HODL Mode is a feature that allows Celsius users to earn interest on their deposited cryptocurrency without having to sell it. Here are some key points to understand about Celsius HODL Mode:
- HODL Mode stands for “hold on for dear life,” a term used in the crypto community to encourage long-term holding of assets rather than selling during price fluctuations.
- HODL Mode is available for several cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and others.
- When a user activates HODL Mode, their deposited cryptocurrency is transferred to Celsius’s cold storage, where it is securely stored offline.
- While in HODL Mode, the user’s cryptocurrency earns interest at a higher rate than if it were deposited in Celsius’s regular interest accounts.
- Users can exit HODL Mode at any time to access their cryptocurrency.
Celsius HODL Mode is designed for users who believe in the long-term potential of cryptocurrency and want to hold onto their assets without selling them. By transferring the cryptocurrency to Celsius’s cold storage, users can be sure that their assets are securely stored offline and earn a higher interest rate than if they were in Celsius’s regular interest accounts.
However, it’s important to note that while HODL Mode may be a good option for some users, it does come with some risks. Since the cryptocurrency is stored offline, it may take longer to withdraw it in the event that the user wants to sell or trade it. Additionally, the cryptocurrency may be subject to market fluctuations, which could result in losses if the user decides to sell it at a lower price than they originally deposited it.
Is Celsius Network a decentralized platform?
Yes, Celsius Network is a decentralized platform for borrowing and lending cryptocurrencies. It aims to provide higher interest rates to its users and allows them to earn passive income by depositing their assets. It also offers various other services, such as payment processing and wallet management.
Celsius has grown rapidly since its launch, with over $25 billion in loans originated and over $17 billion in assets under management as of early 2022. The platform has gained a reputation for its innovative approach to financial services and for its commitment to transparency and customer service.
What are the services provided by Celsius Network?
Celsius Network provides several financial services related to cryptocurrencies. Here are some of the key services offered by Celsius:
Borrowing and lending of cryptocurrencies
users can borrow cash against their cryptocurrency or lend their crypto for interest.
High interest rates for deposits
Celsius offers higher-than-average interest rates on deposited cryptocurrencies.
Crypto payments and transfers
users can easily send and receive cryptocurrencies from their Celsius wallet.
Wallet management
Celsius provides a secure wallet for storing cryptocurrencies.
Investment services
Celsius offers investment services such as crypto index funds and crypto lending funds.
Institutional lending and borrowing
Celsius provides lending and borrowing services to institutional clients.
Celsius loyalty rewards program
users can earn additional rewards for holding Celsius’s native token, CEL.
Celsius HODL mode to earn higher interest on locked assets
users can earn even higher interest rates by locking their assets in Celsius HODL mode.
Who are the biggest customers of Celsius Network?
Celsius Network serves a diverse range of customers, including retail investors, high-net-worth individuals (HNWIs), and institutional clients. Each of these groups has different needs and requirements when it comes to crypto assets, and Celsius has designed its services accordingly.
Retail investors and HNWIs (high-net-worth individuals)
Retail investors and HNWIs are attracted to Celsius because of the higher-than-average interest rates that the platform offers on deposited cryptocurrencies. This makes it an attractive option for individuals who want to earn passive income on their digital assets without having to actively trade or invest in the volatile crypto market.
Institutional clients
Institutional clients, on the other hand, use Celsius for borrowing and lending services. These clients typically have large amounts of crypto assets that they need to leverage for liquidity, and Celsius provides a secure and reliable platform for doing so. Celsius also offers institutional clients the ability to earn interest on their deposited assets, making it a more attractive option than traditional financial institutions.
Partnerships with other crypto companies
Celsius has also formed partnerships with other crypto companies, such as Bitfinex and Binance, to provide services to their customers. This has helped Celsius to expand its reach and attract a wider range of clients.
All in all, Celsius Network’s biggest customers are those who are looking to earn higher interest rates on their crypto assets or need access to borrowing and lending services. Retail investors, HNWIs, and institutional clients all have different needs when it comes to crypto assets, and Celsius has tailored its services to meet these needs. By forming partnerships with other crypto companies, Celsius has been able to expand its customer base and offer its services to a wider audience.
Statics of Celsius Network
Celsius Network has experienced significant growth since its launch in 2017. Here are some statistics that illustrate the platform’s success:
- Over 1 million users in more than 170 countries have joined the Celsius Network.
- The platform has processed over $30 billion in transactions to date.
- Celsius has over $25 billion in assets under management (AUM).
- The platform offers interest rates of up to 17.78% on certain cryptocurrencies, which is significantly higher than traditional banks.
- Celsius has distributed over $1 billion in interest payments and rewards to its users.
- The Celsius mobile app has a rating of 4.8 out of 5 on the App Store and 4.6 out of 5 on Google Play.
These statistics demonstrate the significant growth and popularity of Celsius Network among cryptocurrency investors. The platform’s user base has grown rapidly, with users from all around the world. The amount of assets under management has also increased substantially, indicating that more users are entrusting Celsius with their cryptocurrency assets.
Celsius’s high interest rates on deposited cryptocurrencies have also been a major draw for users, as traditional banks offer much lower interest rates. The platform’s interest payments and rewards program have distributed over $1 billion to users, demonstrating the benefits that Celsius offers to its customers.
How do I turn off HODL mode on Celsius network?
To turn off HODL mode on Celsius Network, follow these steps:
- Open the Celsius Network app or website and log in to your account.
- Go to the “Profile” tab and select “Settings”.
- In the “General” section, toggle off the HODL mode option.
- Confirm the action by entering your Celsius Network PIN.
- Once the HODL mode is turned off, your Celsius rewards will be paid out weekly instead of being held in the HODL wallet.
Celsius HODL Mode vs. Staking
- Staking involves holding a cryptocurrency in a wallet or on an exchange and actively participating in the network by validating transactions and earning rewards for doing so.
- HODL Mode, on the other hand, simply involves holding the cryptocurrency in Celsius’s cold storage and earning interest on it.
- Staking rewards can vary widely depending on the cryptocurrency and the network, while HODL Mode interest rates are set by Celsius.
- Staking typically requires a more technical understanding of cryptocurrency and may involve some setup and maintenance, while HODL Mode is a simple on/off feature in the Celsius app.
Celsius HODL Mode vs. Lending
- Cryptocurrency lending involves lending out your assets to borrowers in exchange for interest payments.
- While HODL Mode is a passive way to earn interest on your assets, lending involves actively choosing which assets to lend out and managing the loans.
- Lending typically offers higher interest rates than HODL Mode, but also involves more risk as the borrower may default on the loan.
- Lending platforms may also have more requirements for participation, such as minimum deposit amounts or credit checks, while HODL Mode is available to all Celsius users.
Celsius HODL Mode vs. Trading
- Trading involves actively buying and selling cryptocurrencies in an attempt to profit from price fluctuations.
- While trading can potentially offer higher returns than HODL Mode, it also involves much higher risk as the market can be unpredictable and volatile.
- Trading also requires much more knowledge and skill than simply activating HODL Mode in the Celsius app.
- HODL Mode may be a better option for users who want to earn interest on their assets without actively managing them or taking on the risk of trading.
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