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Crypto Lender Celsius’s Total Assets Cross $5 Billion
Crypto borrowing and lending platform Celsius announced today that its total assets have crossed $5 billion. The platform launched its mobile app less than three years ago.
The announcement comes after Celsius acquired over 125,000 new clients. It now has over 340,000 active users across the world. It became the first crypto lending platform in the world to cross $1 billion in total assets. According to a statement, the crypto app has already paid over $200 million to its community in interest. It currently holds 55,000 BTC worth approximately $2 billion.
The native token of the platform, CEL, has also seen significant growth. It entered the CoinMarketCap top 40 list and hit an all-time high of $6.1 in January.
Celsius Network was founded in 2017. It offers a decentralized lending platform that allows customers up to 10% interest on their stablecoin holdings. It also allows users to earn up to 9.65% interest on Ethereum holdings. The firm raised $50 million in crypto in May 2019 via an ICO. It announced earlier this year that it has over 50,000 BTC in deposits.
The startup lends its assets to retail investors, investment funds, and miners alongside other digital asset companies on a ‘guaranteed and collateralized basis.’ It also allows clients to access other services like an instant deposit of digital assets in the Celsius wallet. Users can get fiat loans by using its currency as collateral. The company says that 80% of the returns coming from these entities are passed on to the holders.
Celsius CEO Alex Mashinsky commented on the firm and said that a record number of institutional and retail users are entering the crypto space and they are looking for more ways to store value. He added, “Our results represent the growing need of savers to diversification and the lack of trust and transparency between financial institutions and the community.”
Celsius accrues interest on a daily basis, which is paid in weekly interviews. Users can also auto-renew their holdings for additional periods after the initial term is over.
Will Paypolitan Take Over TenX?
Paypolitan is expected to provide TenX users a product that will seamlessly satisfy their needs.
According to industry sources, the Estonian fintech Paypolitan (Paypolitan.io) is planning a takeover of Singaporean fintech TenX. TenX, once a shooting star in the crypto world, raised USD 80 million through an ICO in 2017 and reached a market cap of over USD 500 million in early 2018. After losing the Visa card supplier Wavecrest, 200 000 TenX clients got their cards blocked overnight. Beginning 2019, the trouble continued, when CEO Julian Hosp stepped down as a CEO after liquidating a huge bundle of TenX tokens.
TenX distributed credit cards issued by Wirecard in 2019, but with the bankruptcy of the latter, the trouble for TenX cardholders started again. Now, the UK Financial Conduct Authority (FCA) has suspended Wirecard’s subsidiary, Wirecard Card Solutions (WCS), which issues Visa crypto debit cards. WCS issued Visa crypto debit cards for several fintech companies including Singapore-based TenX. According to Apple, the TenX Visa Card and Buy Bitcoin feature have been deactivated for all users.
Paypolitan is developing a payment solution based on open banking API’s without any cards. Paypolitan’s CEO Nils Tharandt Ortiz stated “an asset deal of TenX users is possible. We could finally deliver a product that will seamlessly satisfy their needs.”
“Otherwise, we will offer a token swap from TenX (PAY) tokens to Paypolitan’s EPAN token, but with a valuation discount of 50%” added the CEO.
The management of TenX couldn’t be reached for a statement.
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Ex-Real Madrid Football Player Joins a Spanish Lower Division Club in Deal Financed With Crypto – Featured Bitcoin News
In a possible first for Spanish football, DUX Internacional de Madrid, a lower division team says it has used crypto buy a new player. The player, David Barral moved to his new club after Criptan, the new club sponsor facilitated the acquisition. Criptan is a cryptocurrency trading company that is registered in Valencia, Spain.
Meanwhile, following the player’s move, a Spanish football news site quotes Barral, who is now aged 37, expressing his eagerness to continue playing for what will be his seventh club. Barral says:
I am happy to join this project, with desire, ambition and responsibility to continue competing and achieve important challenges in my sports career.
Furthermore, the news report also details Barral’s football journey prior to joining Dux International de Madrid. The report says in addition to playing for Real Madrid, Barral has also played for four other sides which are namely “Granada, Cádiz, Levante and Sporting.”
During his stint as a player in the Spanish’s top division, Barral played a total 221 games and 60 when he played in the second division. In total, Barral scored 53 goals, 46 when playing for Sporting and 7 when playing for Racing.
In the meantime, Barral’s crypto financed move, which was also announced on Twitter, sparked interest on the social media platform. For instance, some Twitter users like Mimy de Miguel wondered if Barral could also charge or receive payments in crypto. However, some crypto supporters were happy with the way the player’s acquisition was carried out.
Do you think this acquisition will encourage other clubs to do the same? You can share your views in the comments section below.
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