Celsius Network is a regulated crypto lending firm headquartered in the US. It allows crypto users to deposit different digital assets into the protocol to earn high returns or to take out loans.
The network was created by Alex Mashinsky, Daniel Leon, and Nuke Goldstein in 2017. Then in 2018, they had a very successful ICO for the native token CEL, raising $50 million. The company experienced exponential growth afterwards, managing approximately $12 billion in assets and becoming one of the most notable names in the market. However, the firm had multiple controversies over the years, and finally filed for bankruptcy in 2022 due to “poor asset deployment decisions”. The company is currently going through restructuring as a part of the bankruptcy process.
Cesius operated in a manner that is somewhat similar to a traditional bank. People can deposit their crypto assets into Celsius to earn interests, and borrow money to trade or to take out a loan. Celsius offers financial services for both individuals and businesses.
The total supply of CEL is 695,658,160, and the circulating supply is 238,863,520.
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