Celsius Network is a London based platform that pays interest on deposits from digital asset holders.
Users of the Celsius Wallet, Korbit and COTI platforms can earn up to 12% APY on popular cryptos and stablecoins. Founded in 2017, the Celsius Network team has hit a number of milestones to become one of the leading alternative finance platforms.
At CredEarn Expert we’ve been using Celsius Network since October 2019, receiving weekly interest payments. We’ve found it to be an intuitive platform and it’s been a great experience in the short time we’ve used it.
How do we earn?
With Celsius Network it’s as simple as sending our digital assets to the respective addresses within the wallet. They begin earning compound interest immediately and this is paid out weekly every Monday. Interest is paid in the asset deposited.
This flexibility with withdrawals sets Celsius Network apart from other platforms like CredEarn or Crypto.com’s “Crypto Earn” which have fixed interest lockup periods. However this often means that interest rates are lower and there are more frequent changes to rates.
Say we deposit 10 ETH into our ethereum address with the Celsius Wallet and the rate is 10%:
On the next Monday we’ll receive 0.0192 ETH to take our total balance to 10.0192,
The following Monday we’ll receive 0.0193 ETH to give a balance of 10.0385,
After 1 year our balance will be 11.07 ETH – a gain of 1.07 ETH or an AER of 10.7%.
Celsius Network also gives the option to receive interest payments in the native CEL token which sometimes command higher interest rates. It’s really down to the user to choose.
What are the requirements to start earning?
Firstly we need to set up an account with Celsius Network, then we deposit the eligible assets and begin earning interest. There is no minimum requirement so it’s easy to test how it works before deciding to deposit more.
What Digital Assets are included?
|Asset||Symbol||Rate %||Earn in CEL%|
How does Celsius Network keep our assets safe?
Celsius Network uses BitGo and Prime Trust for it’s hot and cold wallet storage, with insurance underwritten by Lloyds of London and they use Fidelity-backed Fireblocks to manage their hot wallets transactions.
For further information, see Celsius’ security page.
Bringing it all together
Hopefully this post was helpful to give you an idea of what Celsius Network can offer. However you must understand that you are taking on more risk than in traditional finance. We urge you to do some more research and have a look at the alternatives too, see CredEarn.
You can find a list of what we consider to be the strongest platforms on our Homepage.
If you decide to go ahead please start small and have a mid to long term goal. With that said you can check back here for further updates down the road.
What should you do now?
Follow us on Twitter @Credearn and feel free to get in touch if you have questions or suggestions.
Check out our Celsius Network Interest Calculator below:
To learn more about Celsius Network please look at their FAQ Page.