If you’re still on the fence on cryptocurrencies but would still like to allocate a small portion of your investments, here’s the Celsius Network to the rescue to help you earn some passive income.
How does Celsius work? What is Celsius Network?
Celsius Network is a crypto lending app available on both iOS and Google Play. The app allows the buying, lending, and paying of cryptocurrencies on its platform. It works like a bank where your deposit of cryptocurrencies will give you a nice lump of interest paid every Monday. You can buy cryptocurrencies directly on the platform. Also, you can borrow cryptocurrencies on the Celsius network too.
Celsius lends out your crypto and shares the revenue with you. Yes, it’s pretty much works like institutional banks except that you actually keep more money than what banks offer. In fact, Celsius boasts of giving us 80% of the revenue. There is no lock-up period like time deposits. You can withdraw at any time! It’s so good it’s a no-brainer. Depending on the cryptocurrency, it offers 3-17% annual returns!
If you want to borrow, you can use your crypto as collateral. Rates are generally lower than what we can borrow from banks. No credit check is required!
Is it easy to use?
Yes. Depositing, buying, and borrowing are only a few clicks away. If you’re unsure what to do, there are resources in-app and on their website.
What are the available coins?
Here are some available. This may vary after the time of this blog’s posting:
- DAI
- USDC
- Ethereum
- Bitcoin
- Dash
- Binance USD
- Tether
- Bitcoin
- Gemini Dollar
- Paxos Standard
- Bitcoin Cash
- Bitcoin SV
- Stellar Lumens
- Basic Attention Token
- Polygon
- Chainlink
- Synthetix
- Uniswap
- Decentraland
- Compound
- Aave
- Polkadot
- CEL – Celsius Network’s native token (not available to US customers)
CEL holders get incentives just for holding the token. The incentives depend on the percentage amount of CEL tokens you have in your portfolio. The higher the percentage, the bigger the incentive!
Pros:
- – Easy to sue
- – Higher interest rates vs banks
- – No lockup period, withdraw any time
- – Interest paid every Monday
Cons:
- – Offers only around 30 cryptocurrencies
- – Features are basic. It’s not great for buying and selling cryptocurrencies.
Who is Celsius Network for:
- – For those who’d like their crypto holdings to earn passive income.
- – For those who would like to borrow instantly at very attractive rates.
This app is not for seasoned traders who know what to do with their crypto stash and would like to actively manage their holdings. For more advanced trading platforms, check out our blog posts on KuCoin and Coinbase.
If you believe in the future of crypto but don’t want to dabble into trading and would just like to part your funds somewhere and earn some extra interest, the Celsius Network App is right for you. You can even turn it into your passive income money machine because it sends out your interest every Monday.
So what do you think? Want to try the Celsius network? Click on the link below to sign up!
