Celsius becomes the first CeFi or DeFi platform to cross $ 20 billion in assets under management

The Celsius Network crypto lending platform said it holds more than $ 20 billion in digital assets, making the company one of the largest...



The Celsius Network crypto lending platform said it holds more than $ 20 billion in digital assets, making the company one of the largest in decentralized finance.

In an announcement on Tuesday, Celsius said its holdings had grown by more than 1,900% in less than a year, from $ 1 billion in June 2020 to $ 20.3 billion as of August 13. The company conducted an internal audit using technology provided by analytics firm Chainalysis, also determining that it was adding around $ 1 billion in new digital assets per month.

According to Celsius CEO Alex Mashinsky, the platform’s growth could be attributed to its “low-cost, high-interest loans on 43 cryptocurrencies” as well as its community-centric model. The Celsius website shows that the platform currently has over 962,000 users, about 1% of its goal of “getting the next 100 million people into crypto.”

Related: The adventures of the inventive Alex Mashinsky

In March, a study by Alpha Sigma Capital, also an investor in Celsius, suggested that the platform reach $ 30 billion in assets under management by the end of 2025. Although decentralized finance, or DeFi, the space has been disturbed with his biggest attack ever Thanks to an exploit in the Poly network this month, Celsius paid out $ 468 million in crypto rewards to depositors over the past year.