Recent Launches on Celsius Network
Here are some recent Celsius Network launches. Some are product based while others are service based. All are exciting! Here is a list of ‘coming soon‘ items to the Celsius platform.
BREAKING NEWS: Liquid Global exchange hacked on August 19th, 2021. Over 800k CEL Tokens were stolen (some sold on Uniswap) but all Liquid Earn – Celsius Platform wallets are safe and NOT affected.
In-App Swaps Feature
An in-app swaps testnet successfully launched on August 19th, 2021. Beta rollout launched in California (for Platinum Level users) in mid-October. A phased rollout to all users in all regions will be coming before the end of the year. The Celsius in-app swaps feature allows registered users the ability to ‘swap’ or ‘convert’ one asset to another within the mobile and desktop apps.
For example, the in-app swap functionality will allow users to convert stablecoins to CEL token or from CEL tokens to Bitcoin, all within the Celsius app.
This ‘beta launch‘ is for California Platinum Level users only. There will be 26+ crypto assets supported. An eventual rollout to all users and all assets will be coming soon.
CelsiusX by Celsius Network
An exciting new launch was announced on November 4th, 2021. Called, CelsiusX, Celsius Network is now diving into the world of DeFi. By bridging DeFi with CeFi lending, Celsius will be able to generate higher and more yield through decneetralized applications and vaults through Enzyme Finance’s platform.
Find out more about CelsiusX by Celsius Network here.
Celsius Network Raises $400M
On October 11th, 2021, Celsius Network raised $400 million, increasing its valuation 2,542% on the year to approximately $3.25 billion. This money from this funding round came from Westcap Private Equity and Caisse de dépôt et placement du Québec (CDPQ). With the proceeds from the fundraise, Celsius Network plans to expand its “products and services,” with “emphasis on launching institutional grade products and offerings.” In addition, they will increase their corporate headcount from under 500 to 1,000 employees worldwide.
To give you an idea of the massive valuation increase after this funding round: Celsius Network was valued at $120 million in August 2020. Today, it is valued at $3.25 billion in October 2021. Not only that, but this is the 4th largest funding round of 2021. The lead investor is the 12th largest public pension fund in the entire world.
Celsius Network Acquires GK8 (startup from Israel) for $115 Million
On November 1st, 2021, Celsius Network announced the strategic acquisition of Israeli-based GK8 startup. GK8 is a global leader providing an enterprise-grade custody platform that enables financial and banking institutions to offer services over digital assets with 100% protection from cyber attacks.
With the GK8 acquisition, Celsius now has the only end-to-end platform that combines a truly OFFLINE COLD VAULT with a KEYLESS MPC with an unlimited number of automatic co-signers. This amazing Celsius GK8 security solution eliminates attack vectors that existing in all other custodial or digital custody solutions including: man in the middle attack, inside jobs, physical and side channel attacks as well as phishing schemes.
Celsius and GK8 now provide the all-in-one platform built for banks and financial institutions. The key differentiators for GK8 and Celsius Network includes: end-to-end solutions, no hardware dependencies, one hundred per cent, cyber protection, MPC wallet that is patented, governance and compliance ready solutions and asset agnostic. Celsius’ GK8 is now the only true ‘air-gapped vault‘ that sends transactions via blockchains while being one hundred per cent offline. This eliminates all online critical attack vectors. GK8 has solutions that target banks, financial institutions, crypto exchanges/platforms, CBDC projects, family offices and hedge funds. GK8 was acquired by Celsius Network for $115 million USD.
Anchorage Digital Custodian Addition
On August 17th, 2021, Celsius announced that it added Anchorage Digital as a custodian. Therefore, Celsius Network is now utilizing Anchorage Digital for custody of a portion of their CEL Treasury (CEL tokens in the Celsius Treasury). In addition to this great news, institutions can now take custody of their CEL tokens at Anchorage Digital. As you may already know, Anchorage Digital is the very first cryptocurrency company to receive a National Bank Charter.
According to Alex Mashinsky (CEO of Celsius Network), this is an exciting and important step forward that allows Celsius to custody a portion of their non-income producing assets at Anchorage Digital. They were selected based on usability of their platform as well as their technology.
On the other side of things, Diogo Mónica (President & Co-Founder of Anchorage Digital) explained that their platform can provide Celsius with a secure custody solution for its CEL Treasury (CEL tokens) and that they are committed to building robust and extremely secure ecosystems for companies such as Celsius Network.
The Celsius Network web app was successfully launched during the Summer of 2021 to much fanfare. The addition of the web app will definitely assist in onboarding new users who prefer to use their desktop computers or trust it more than their mobile device (security). Here are the features that were launched during the initial release:
- Your Holdings Overview Chart (Asset Balance and Rewards) for day, week, month and year
- Recent Transactions (including Rewards Explorer details)
- All Transactions (including Search & Filter functionality as well as Rewards Explorer details)
- Your Coins (individual wallet balances in USD and asset balance, ability to toggle earn in-kind vs in-CEL, Search functionality)
- Available Coins (including current asset price in USD and reward rates)
- Coming Soon (assets to be supported in the near future)
- Reward Rates (in-kind and in-CEL adjusted to your Loyalty Level)
- Loyalty Level (status and benefits)
- My Profile (profile info including name, address, email)
- Whitelist Wallets (adding and changing)
- Security (password, PIN, HODL Mode and two factor authentication)
- API Keys (add or delete)
On July 4th, 2021, Celsius Network announced over $200 million in mining equipment investments in addition to strategic investment positions in Core Scientific, Rhodium Enterprises and Luxor Technologies.
“There’s nothing better than building a factory that makes Bitcoin. By creating a mining business we are guaranteeing that we can pay our community what we owe them, which is interest in Bitcoin.” ~Alex Mashinsky.
Luxor Technologies is a hashrate based software company. Rhodium Enterprises is a leading mining company based out of Texas.
Rhodium Enterprises is also one of the most energy efficient Bitcoin miners in the world already.
Core Scientific is the leader in customizable infrastructure and software solutions for blockchain networks. Core Scientific maintains 100% net carbon neutrality. It is the leader in high-performance, 100% net carbon-neutral infrastructure and software solutions powering the world’s leading blockchain companies. Core Scientific also announced that it intends to go public via a $4.3B merger with XPDI. Celsius invested more than $54 million into Core Scientific.
Most importantly of all, the Celsius Bitcoin Mining strategy is seen as the vitalization of Bitcoin mining in North America through completely renewable resources. Using renewable energy to mine Bitcoin is definitely the wave of the future and Celsius Network has positioned itself strategically to become the world’s largest Bitcoin miner using renewables.
Celsius Network also revealed that a share of the profits from the company’s recent $200 million investment into clean Bitcoin mining infrastructure will be redistributed back to depositors in the form of higher Bitcoin reward rates.
Additional Bitcoin Mining Investment
As announced on November 22nd, 2021, Celsius Network has doubled down and invested an additional $300 million into BTC Mining. This is in addition to the $200 million investment from July 2021 and now takes their total investment to over $500 million. This makes Celsius one of the biggest players in the North America Bitcoin Mining industry. Since China started banning Bitcoin mining rigs in the country earlier this year, Celsius Network has jumped on the chance to become a global player. Read more.
Celsius Network now owns about 22,000 ASIC miners, a collection that is primarily made up of Bitmain’s AntMiner S19 devices. They have also ordered Bitmain’s upcoming AntMiner S19XP.
What’s unique about Celsius Network (CeFi/DeFi platofrm) is that it will use the BTC it mines as part of its existing lending business. Celsius lends Bitcoin (BTC) to institutions to earn interest and pays out Bitcoin-denominated interest to deposit users. Celsius has approximately $28.6 billion in assets as of November 2021.
Celsius Network started to get into the Bitcoin mining sector in 2020 and issued loans and equipment leases to mining firms like Core Scientific and Argo Blockchain for their facility expansion plans.
Bitcoin Mining Council
On July 21st, 2021, Celsius announced that they joined the Bitcoin Mining Council. As one of the largest US miners and investors in clean Bitcoin mining using renewable energy, Celsius expands its leadership in North American Bitcoin mining by joining BMC. The Bitcoin Mining Council a voluntary global forum of Bitcoin mining companies and other companies in the Bitcoin industry.
Celsius Network becomes first CeFi and DeFi Platinum to cross $25 Billion in AUM
In September 2021, Celsius Network officially became the first Centralized Finance or Decentralized Finance platform to cross $25 billion in assets under management (AUM). This is an incredible achievement as Celsius Network had $1 billion AUM back in June 2020. This represents a little over 2,000% growth in AUM in just over a year.
What’s even more notable is that early investors in Celsius had predicted back in March 2021 that the platform would likely hit its target of $30 billion AUM by the end of 2025. This $30B may be achievable before the end of 2021 (which is 4 years earlier than expected).
As of September 2021, Celsius Network already has over 1 million verified users and over 400,000 active users. Their goal is “to bring the next 100 million people into crypto.”
The most recent additions include:
- Solana (SOL) support added February 11, 2022
- Songbird (SGB) support added February 11, 2022
- Dogecoin (DOGE) support added January 28th, 2022
- Avalanche (AVAX)
- Tezos (XTZ)
- Wrapped Bitcoin (WBTC)
- SushiSwap (SUSHI)
- 1inch Exchange (1INCH)
- Cardano (ADA)
- Binance Coin (BNB)
- Terra (LUNA)
- Polkadot (DOT)
- ZUSD (ZUSD)
0% APR Loans in California (and UK)
In August 2021, Celsius Network launched it’s 0% APR crypto backed loans product in California. This represents the 2nd jurisdiction (after the UK) that Celsius is offering 0% interest loans. The 0% APR loan option requires 25% loan-to-value (25% LTV) which means that a borrower is required to put up 4x the collateral. This is a secured loan backed by crypto assets. For more details about the California 0% APR Loans, please click here.
CEL Token Burn
Alex Mashinsky announced during the Celsius Network AMA on October 1st, 2021 that the company will burn CEL tokens every Friday (weekly). The amount of CEL token burned depends on the amount of weekly rewards paid out. Up to 10% of the total weekly rewards will be burned. Click here for the CEL token burn details.
Rewards Explorer & Proof of Community
As part of Celsius’ mission to be fully transparent and compliant, the company launched their ‘Rewards Explorer‘ for both web app and mobile app. A user can click into any transaction and see it on the blockchain (including all details regarding reward rates, amount of rewards, date, time, transaction IDs etc).
In addition, Celsius also launched their Horizen Blockchain Audit.
2021 has been a great year for new Celsius Network partnerships with global companies. Here are 4 of significance:
Celsius Network and Liquid Exchange Partnership
April 28th, 2021
Celsius Network, the industry-leading cryptocurrency rewards-earning platform, announces today its latest integration with cryptocurrency exchange Liquid. Liquid’s global customers now enjoy seamless access to Celsius’s compounding yield on crypto, as well as fee-free purchases and transactions on the Liquid Earn platform for Celsius’s native CEL token.
Celsius Network and iHeartMedia Partnership
June 4th, 2021
Celsius Network the global industry-leading cryptocurrency yield-earning platform and iHeartMedia, the No. 1 audio company in America and No. 1 podcast publisher globally, today announced a multiyear agreement to co-produce a new iHeartRadio Original podcast hosted by Celsius CEO Alex Mashinksy and distributed through the iHeartPodcast Network.
Celsius Network and Coti Partnership
August 24th, 2021
COTI and Celsius Network forms a Defi partnership! Celsius Network will be integrated into the COTI network, enabling consumers and merchants to easily earn interest and access loans directly on the COTI platform!
Using COTI’s Trustscore and transactions history, COTI adds to the Defi space the much needed data required for a Credit score.
Celsius Network and Public Mint Partnership
October 5th, 2021
The partnership with the leading global CeFi provider adds yet another robust source of returns to the EARN program. We’re thrilled to announce that we have partnered with Celsius, the leading platform for lending and earning yield on cryptocurrency. The collaboration will involve a deep integration between Celsius’ yield offering and the Public Mint EARN platform, an all-in-one Fintech solution designed to take crypto-level high-yield earnings to the masses.
Other Recent Celsius Launches
Celsius Network is constantly changing, adding and launching new products and services. Here are more recent launches from 2021:
- Chatbot within the website
- Addition of support staff (via Zendesk support)
- Training call support staff (called support trainers)
- Introduction of 0% APR loans in the UK as well as California, USA