Signup: Celsius Network
Today's edition of my Cryptocurrency journey spotlights another wallet commonly used to store Crypto & Stablecoins - Celsius wallet. This wallet was added to my list of growing asset managers around the time I added Nexo [a direct competitor; see post here; or direct link here: Nexo.io]. I had good experiences with Nexo and was referred to Celsius during attendance at Blockchain Summit, L.A. Then, I decided to give this wallet a try to compare which is more favorable.
End result, I utilize both now. Both have advantages and disadvantages. I find more worth in using both applications to split holdings.
First up - Earn:
Earn has good potential with weekly compounding interest. Rates are excellent, with most coins at 6%, stablecoins at upwards of 10%. Gains fluctuate slightly, yet pay dividends regularly. Charts are limited - yet helpful at quick glance. Included as well is a chart for interest payouts. Day, Week, Month, and Year spreads available. Coins are available for purchase via credit card and bank transfer through Simplex, Wyre, and Coinify. Withdraws require a crypto address registration. Please note that if you change to a different withdraw address {very common for security reasons}, there is a waiting period of 24 hours to change an old address.This can be frustrating if a quick withdraw is needed, but not detrimental. After all, the idea is to HODL coins in the wallet and request a loan instead.
Borrow:
Loan rates as low as 1% interest. $500/6 month term is the minimum borrow amount as of writing. Closing your loan early is available if accruing interest is paid in full. According to their website, Loan to Value (LTV) ratios are adjustable. I have no experimented with this.
CEL Token:
CEL is Celsius' utility token. You can HODL Crypto/Stablecoins without owning any CEL token; however, there are benefits to owning CEL as well. First, rewards are up to 25% higher on your other coins. Second, Celsius allots a 30% discount on Loans when HODLing a sufficient amount of tokens. Then, of course, there is also earning on CEL Token itself. If out of US territory, other coins can earn in CEL rather than earn in kind if desired. This option is not available in US currently. Current CEL price is ~$5 with strong gains in the last 6 months.
CelPay:
This is Celsius' peer-to-peer payment [Venmo-style] protocol, which enables instant payments to friends via link or text in any coin and amount.
I recommend this app for simple HODLing. Be aware of the change of address delay. There is no in-app exchange currently. The future looks positive for this company, and future coin integrations are displayed in-app.
Further Notes:
The app itself is simple. It can be slow to load at first, but this is quickly forgotten once navigating the app. There is a dark mode option, thankfully. CEO Alex Mashinsky gives a weekly Ask Me Anything stream on Celsius Network YouTube channel answering a variety of questions, and giving token holders an upfront view of what is to come in the future on the platform and blockchain finance in general. Recommended.
