Crypto Loans and lending platform Celsius announced that it now owns more than $ 2.2 billion in digital assets under management (AUM).
According to a November 9 releaseCelsius more than doubled its net crypto holdings in six months after it first crossed $ 1 billion June. The platform has attracted a total of more than 215,000 users worldwide.
Excluding the AUM, Celsius’ balance sheet now includes cash and the original CEL tokens worth more than $ 680 million.
Celsius offers a centralized alternative to decentralized financing (DeFi), referred to as ‘CeFi’ by much of the crypto community. Crypto assets deposited on the platform are lent to exchanges and market markers, with 80% of the interest generated being distributed to depositors.
Since its launch in July 2018, Celsius claims to have paid more than $ 80 million in rewards to savers.
In the announcement, Celsius CEO and founder Alex Mashkinsky described the success of his company as proof that “interest income is the new killer crypto app”.
“We’ve created more revenue for our customers than anyone else in DeFi or CeFi, and we don’t plan to slow down anytime soon.”
Last month, Mashinsky then made headlines donate 15 million CEL tokens to his wife worth $ 20 million for her birthday. Mashinsky remains the second largest CEL holder despite the hefty gift, while his wife is now CEL’s fourth largest whale.
Last weekend, rival crypto lending service Cred filed for bankruptcy liabilities up to ten times its assets, leaving users unsure whether they can get their money back from the platform.