Providing Banking and Futures Exchanges Using Blockchain Technology
Celsius, a blockchain powered lending and borrowing platform, aims to replace banks and futures exchanges, such as CME and CBOT, with crypto coin holders who will earn returns through lending. Using its platform, which will launch in Q1 2018, Celsius members can borrow coins at significantly reduced rates compared to traditional financial institutions, while lenders can earn automatic interest by holding coins in the Celsius Wallet.
Described as a ‘The Wallet That Pays Back’, registrants who deposit coins into the Celsius Wallet will receive up to 7% per year on loaned coins. Users globally will eventually be able to transfer Bitcoin, Ethereum, Litecoin, or any of the several other coins the platform will accept into the Celsius Wallet and earn interest. Assets deposited will then be lent and distributed across the Celsius Network to a wide array of borrowers at competitive rates.