Celsius Network, a cryptocurrency lending platform, has announced that it currently holds more than $20 billion in digital assets, making it one of the largest companies in the decentralized finance industry.
During a Tuesday press conference, Celsius said the value of its holdings had increased by more than 1,900 percent in less than a year, going from $1 billion in June 2020 to $20.3 billion as of Aug. 13.
It also discovered that it was adding approximately $1 billion in new digital assets per month as a result of an internal audit conducted with the help of technology provided by analytics firm Chainalysis.
Celcius CEO Alex Mashinsky believes that the platform’s growth can be attributed to its “low-cost lending and high-interest yield on 43 cryptocurrencies,” as well as its “community-centric model.”
Celcius’s website indicates that the platform currently boasts more than 962,000 users, or approximately 1 percent, of its stated goal of “bringing the next 100 million people into cryptocurrency.”
According to research conducted by Alpha Sigma Capital, which is also an investor in Celsius, the platform’s assets under management will reach $30 billion by the end of 2025, according to the company.
Despite the fact that the decentralized finance, or DeFi, space has been disrupted by the largest-ever attack on the Poly Network this month, Celsius has paid out $468 million in cryptocurrency rewards to depositors in the last year.
