Cryptocurrency platform Celsius Network announced that it reached $4.25 billion in total crypto loan origination.
Cryptocurrency platform Celsius Network announced that it reached $4.25 billion in total crypto loan origination as of Nov. 12 in a press release shared with Cointelegraph.
Celsius reached $4.25 billion of cryptocurrency loans since the start of its activity in July 2018 calculated at current Bitcoin (BTC) prices, a 93% increase from the $2.2 billion reported on Aug. 1, 2019.
A fast-growing lending network
The company also claims $450 million in customer deposits and collateral from loans under management, which represents a 50% increase from $300 million on Aug. 1 this year.
Furthermore, Celsius also reveals it paid its users $5 million in interest payments or 66% more than the $3 million paid by Aug. 1. The firm’s CEO Alex Mashinksy said:
“Celsius gives back 80% of loan interest to our depositors with no minimums, caps, fees or penalties — our incredible growth shows there is high demand for lending platforms that put the needs of depositors first.”
The company also claims to have over 50,000 users from over 150 countries and that over 150 institutions are amongst its customers.
A quickly developing but unregulated industry
The latest data shows that the nascent cryptocurrency lending industry is growing rapidly. Additionally, a recently Q3 report released by institutional digital asset lending firm Genesis Capital revealed that the platform added $870 million in new originations during the quarter.
Still, some uncertainties remain as to how crypto lending should be regulated. As Cointelegraph recently reported, global banking regulator Basel Committee on Banking Supervision is currently studying how much capital lenders should hold to cover the risks generated by dealing with cryptocurrencies.