Celsius is a platform that allows users to earn rewards and borrow against their crypto collateral. It is accessible via a mobile app and aims to provide financial services that prioritize the community's best interests. By transferring their coins to the Celsius Wallet, crypto holders can earn rewards. Additionally, they can borrow USD or stablecoins at interest rates as low as 1% APR using their crypto as collateral.

Celsius (CEL) is a comprehensive banking and financial services platform designed for cryptocurrency users. Launched in June 2018, it provides rewards for depositing cryptocurrency, as well as services like loans and wallet-style payments. Users of the platform receive regular payouts and interest on their holdings. Celsius' native token, CEL, has various internal functions, including enhancing user payouts when used as the payment currency.

Celsius was originally created by Alex Mashinsky and Daniel Leon in 2017. Alex Mashinsky has a long history in internet development and has worked on various technologies, including Voice Over Internet Protocol (VOIP) in the 1990s. He has been involved in seven startups and holds 35 patents. Daniel Leon, the co-founder and COO, has experience in growing early-stage startups and was previously the CEO of Atlis Labs. Celsius now has a large team consisting of core employees, technical developers, and advisors with diverse experience.

Celsius aims to surpass traditional banks by offering financial services on more favorable terms. These include higher rates of returns on savings and deposits, fairer loan requirements, and automated rewards computed algorithmically for each user. The platform also serves as a wallet through its CelPay feature and has its own CEL token, which users can leverage to increase payout value and more. Celsius takes a cut of profit margins on interest payments but returns 80% to its users. Additionally, the company provides loans to institutional entities like hedge funds, and loans are asset-backed to ensure payments.

Celsius' native token is CEL. It performs various user-related functions and can be freely traded outside the platform. The maximum supply of CEL tokens is 695,658,161, with 76% currently in circulation and 24% locked according to the project's technical literature. The initial coin offering (ICO) for CEL took place in May 2018, with 50% of the token supply allocated to the presale and crowdsale. 27% went to the treasury, 19% to the team, and 2% to partners and advertisers. CEL is an ERC-20 standard token on the Ethereum network.

Celsius utilizes a modified proof-of-stake algorithm for its token. The company has outlined broader security procedures in a dedicated presentation available on its website. Like any client-oriented wallet, there is a risk of theft from attacks such as SIM-swapping if users do not have adequate protections in place, such as two-factor authentication.

CEL is a publicly tradable token on major exchanges, with trading pairs available for cryptocurrencies and stablecoins. As of October 2020, automated market makers (AMMs) accounted for the majority of trading volume, with popular pairs being Bitcoin (BTC) and Wrapped Ether (WETH). If you are new to cryptocurrency, you can refer to our easy guide on buying Bitcoin or any other cryptocurrency.