Celsius is a platform where it lets you earn high interest on your cryptos. In this video, I’ll be talking about how Celsius works, how it compares with other high interest crypto accounts, is it safe, what I like and don’t like about Celsius.
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0:00 - Intro
0:53 - History of Celsius
Celsius was founded in 2017 by Alex and Daniel. Since then Celsius has been growing very quickly. In March 2021, Celsius was able to grow their assets under management to $10B and users to 485k.
1:41 - How Celsius works
Celsius allows you to put 40 over cryptos in their account to earn interest everyday, which will be paid to you every Monday. According to Celsius, banks actually can give you a high interest but they just don’t want to. Celsius wants to give 80% of the total revenue back to users. They earn their profits by lending to hedge funds, exchanges, institutional traders at an average of 9% interest. Then Celsius makes sure the borrowers post more than 100% collateral.
3:10 - Comparison
I’ll comparing Celsius with BlockFI, Nexo, Hodlnaut. In terms of total assets under management, Celsius is the largest at $17B. As for total users, Nexo is the most at 1.5M. Celsius has the most supported cryptos at 43 and doesn’t have withdrawal fees.
As for crypto interest, Hodlnaut gives the highest interest but I suspect it’s just a customer acquisition strategy, which should go down in the future.
5:00 - Celsius features
Multiple platforms. You are able to use Celsius on the web or as a mobile app. Celsius mobile app has just been launched a few months ago and not all the features are available yet, you cannot buy cryptos on the web app.
Buy cryptos. You are able to buy in the mobile app, but I would not recommend it, because the fees are high. It’s much easier and cheaper to buy on Gemini or Binance or Crypto.com.
Borrow cryptos. Celsius allows you to borrow cryptos at a very low interest rate. All you need to do is post your collateral when borrowing.
Celsius token. Celsius lets you earn higher interest if you choose to receive Celsius token. But it fluctuates quite a lot.
6:44 - Security
Celsius doesn't have insurance. But their custodian, Fireblocks has an insurance policy for your cryptos. Celsius makes sure that the borrowers have collaterals of up to 150% and they conduct due diligence of borrowers’ financial and repayment ability. Celsius is not regulated by MAS.
7:48 - What I like
Celsius lets you earn interest on a lot of different cryptos.
Celsius is one of the biggest lending platforms out there, this gives me assurance that Celsius won’t just close tomorrow.
Celsius doesn’t have a withdrawal fee.
8:32 - What I don’t like
Crypto lending is a black box, we don’t know who Celsius lend our cryptos to, what’s the amount and what’s the interest. All we can do is just trust Celsius knows what they are doing.
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