Celsius Network Launches Crypto-Backed Lending Platform

NEW YORK, March 16, 2018 /PRNewswire/ -- Celsius Network has launched a Peer-to-Peer financial lending system using blockchain technology to connect cryptocurrency holders to loans backed by their digital assets. Celsius' mission is to revolutionize the flawed financial lending system and to bring the next 100 million people into crypto.

"We live in a peer-to-peer society where we no longer need the support of global financial institutions to conduct our everyday lives. Celsius Network was created to transform the way we borrow money, bringing it back to the rudimentary principles of borrowing – the community," said Alex Mashinsky, Founder & CEO of Celsius Network.

Celsius Network has officially launched their Crowdsale, a new way to fundraise capital from the crypto community by pre-selling the Celsius tokens. The company aims to raise $50M USD to further develop the project which offers a lending wallet to users. Celsius is "the wallet that pays you back" by allowing users to hold onto their crypto assets while still participating in traditional fiat loans.

"Crypto is gaining immense popularity, but still has a long way to go before it is useful in everyday transactions," added Mashinsky. "Celsius will bring crypto to the masses by allowing digital currency holders to participate in the global economy without giving up their sacred crypto positions and earning interest for it."

"For crypto to continue to spread and gain traction we've got to bring the next 100m people into the crypto community. In order to do that, real products built by real teams have to provide real utility to the public. We're building Celsius to bring a new wave of financial products to the market designed, for the first time, to always do what's in the best interest of its members instead of trying to make as much profit as possible. We believe this will be crypto's first 'killer app.'"

Mashinsky's passion behind the project lies in the opportunity that currently exists in the space. "The most powerful people in the crypto ecosystem are HODLers, Hold On for Dear Life. We want to reward them by opening the possibilities of how they leverage those assets. The banks don't see their crypto portfolios as an asset class. We do."

About Celsius

Celsius is a community-based P2P Proof-of-Stake startup providing borrowing and lending to digital currency holders. Members of the Celsius network will be able to receive loans in dollars using their digital currency as collateral. In the future, members will also be able to deposit their digital currency into their Celsius wallet in order to earn interest when their coins are lent out. Celsius plans to bring a new wave of financial products to the digital currency market. Products that are designed to work in the best interest of its members instead of trying to make as much profit as possible.

About Alex Mashinsky

Alex is one of the inventors of VOIP (Voice Over Internet Protocol) with a foundational patent dating back to 1994 and is now working on MOIP (Money Over Internet Protocol) technology. Over 35 patents have been issued to Alex, relating to exchanges, VOIP protocols, messaging and communication. As a serial entrepreneur and founder of seven New York City-based startups, Alex has raised more than $1 billion and exited over $3 billion. Alex founded two of New York City's top 10 venture-backed exits since 2000: one of his first companies, Arbinet, IPO'd in 2004 with a market capitalization of over $750 million; and another venture, Transit Wireless, was valued at $1.2 billion at the time of exit.

Contact Information:

Keith Baumwald
CMO
646.823.3600
[email protected]

SOURCE Celsius Network