Celsius, a popular crypto lending platform, has recently claimed that its crypto holdings doubled under a six months time period. Currently, the firm’s digital assets under management (AUM) have now increased to $2.2 billion. This has been revealed by the platform through a press release on November 09, 2020. According to the firm, the platform can attract more than 215,000 users from across the world. The balance sheet of Celsius includes both cash and its native token, CEL as well which is worth more than $680 million at present time. Celsius Have Paid More Than $80M in Rewards The platform was launched back in 2018 and since then, it is claimed that Celsius has paid more than $80 million in rewards. The platform offers a centralized alternative to the DeFi and people tend to feel safe here because of it being centralized. Alex Mashkinsky, CEO and founder of Celsius, has said that their platform is successful in generating more income for the customers than any other DeFi or CeFi platform. He also mentioned that it will go even further and aiming to expand its reach, in his words: “We have no plans on slowing down any time soon.” According to the records, Mashkinsky is the largest CEL holder to date. Cred Filed For Bankruptcy Crypto lending platform Cred, which is also one of the major rivals of Celsius has recently filed for bankruptcy. It is revealed that the liabilities of the platform are ten times more than its assets and the customers are now quite concerned about their funds. They are quite worried about whether they will be able to get their funds back or not. This also seems to be a great opportunity for Celsius to expand its user base because now people will move out of Cred because of bankruptcy.
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