Celsius Network offers three primary services: interest on crypto deposits (ranging between 4-7% annual), fiat loans against crypto collateral at low interest rates (5-12% depending on loan-to-value ratio), and CELpay, which enables users to send people crypto via sms, whatsapp, slack, etc. without needing a wallet address.
We closed a $50M ICO at the end of March in 2018. Since then we have launched a live product, our Celsius app, which has had over 40,000 downloads. We launched automatic weekly interest payments in the app in August, and since then we have received over USD 35 million dollars in crypto deposits, and have paid out over USD 150,000 in interest to our community. We have issued a total of 8.5 million in dollar loans, and over 800 million in short and medium term coin loans.
Additionally, we have partnerships with multiple institutions and organizations in both the crypto and traditional financial space. One of the most notable is that Celsius was selected to manage the UN Development Program Sustainable Development Goals Impact Fund’s digital assets. We are also in the process of white labeling Celsius services across multiple wallets and exchanges, to make our products available to an even broader audience.
In addition to growing our customer base and expanding our AUM and partnerships in 2019, one of our most exciting projects is developing our own blockchain where all of our transactions will be recorded. This will introduce another level of reporting transparency for the benefit of our customers and the general public.