Celsius cryptocurrency, CEL token, explained

Celsius cryptocurrency, CEL token, explained

24 Jun 2022 Off By charles thuo

Celsius cryptocurrency, commonly referred to as Celsius (CEL), is the native token of the Celsius platform.

The Celsius platform is an all-in-one banking and financial services blockchain platform for cryptocurrency users. Celsius is commonly known for its crypto lending services though it offers several other services.

Celsius was launched in June 2018 and it offers the following services:

  1. Coins & Transactions – Transfer, send, buy, swap cryptocurrencies and use CelPay.
  2. Lending out cryptocurrencies – Borrow against your crypto with loans starting at only 0.1% APR.
  3. Rewards – Celsius offers weekly rewards for depositing cryptocurrencies, promo codes, and referral codes.
  4. CelsiusX – This is a bridge where Centralized and Decentralized finance meet.
  5. API Portal – The Celsius API self-service suite allows you to integrate features of our platform.

Celsius loans are unique since they are asset-backed, and any borrower must supply more than 100% of what they borrow in the destination currency.

The Celsius cryptocurrency (CEL) is an ERC20 token used for various internal functions within the Celsius platform. For example, CEL boosts user payouts when used as the payment currency. Besides being used on the platform, CEL is also listed on a number of crypto exchanges (listed below) where anyone can buy and trade it as they want.

Who founded Celsius?

Celsius blockchain was created by Daniel Leon and Alex Mashinsky in 2017.

Mashinsky has had a long history within the internet industry having worked on the ‘Voice Over Internet Protocol (VOIP)’ in the 1990s among other technologies. He also has seven startups and thirty-five patents under his name.

Daniel Leon on the other hand has experience in growing early-stage startups in his previous roles including being CEO at Atlis Labs.

Where to buy Celsius cryptocurrency (CEL)

The Celsius (CEL) cryptocurrency is publicly traded on several major crypto exchanges and you can choose to either buy it and hold or trade it as a pair against other cryptocurrencies or stablecoins.

You can trade or buy Celsius cryptocurrency (CEL) on the following crypto exchanges:

  1. Uniswap
  2. FTX
  3. FTX
  4. IDEX
  5. Liquid
  6. Demex
  7. Totle
  8. Loopring
  9. Dharma
  10. Bittrex Global
  11. Bitfinex
  12. OKEX

Celsius cryptocurrency purchases are also possible using fiat on the Celsius app through Celsius third-party partners, based on your jurisdiction and applicable laws, as well as your choice of payment method.