Crypto-lending is on the rise with Celsius Network surpassing $1 billion

[btc_angela]

Crypto-lending is on the rise with Celsius Network surpassing $1 billion

One of the fastest growing sectors within the cryptocurrency space is cryptocurrency lending.

Here platforms offer a range of services, both for borrowers looking to get some extra funds but also for cryptocurrency holders that want to take advantage of the interest-earning part and lend out their cryptocurrencies.

And one of these crypto lending platforms that are making headway, and showing some big volumes is Celsius Network.

Celsius Network lets crypto-holders earn interest rates up to 11.90% annually which is starting to compete with fiat money savings accounts and other types of investments.

They also provide borrowers with a direct way to get alternative fundings via crypto-backed loans. Here a borrower puts down Bitcoin, Ether, Litecoin or another cryptocurrency as collateral and then they can take out cash or stablecoin loans.

https://gocryptowise.com/blog/crypto-lending-is-on-the-rise-with-celsius-network-surpassing-1-billion/

Does anyone here take advantage of this so called crypto-lending. Base on the reports, I was astonished to see that $1 billion has been surpassed already. Are crypto and non-crypto users are taking advantage of this platform? Or does it makes sense to use this platform to loan instead of the banks? Please enlighten me for sake of discussions.

[alteracoin]

Crypto-lending is on the rise with Celsius Network surpassing $1 billion

One of the fastest growing sectors within the cryptocurrency space is cryptocurrency lending.

Here platforms offer a range of services, both for borrowers looking to get some extra funds but also for cryptocurrency holders that want to take advantage of the interest-earning part and lend out their cryptocurrencies.

And one of these crypto lending platforms that are making headway, and showing some big volumes is Celsius Network.

Celsius Network lets crypto-holders earn interest rates up to 11.90% annually which is starting to compete with fiat money savings accounts and other types of investments.

They also provide borrowers with a direct way to get alternative fundings via crypto-backed loans. Here a borrower puts down Bitcoin, Ether, Litecoin or another cryptocurrency as collateral and then they can take out cash or stablecoin loans.

https://gocryptowise.com/blog/crypto-lending-is-on-the-rise-with-celsius-network-surpassing-1-billion/

Does anyone here take advantage of this so called crypto-lending. Base on the reports, I was astonished to see that $1 billion has been surpassed already. Are crypto and non-crypto users are taking advantage of this platform? Or does it makes sense to use this platform to loan instead of the banks? Please enlighten me for sake of discussions.

I decided to give it a try. Why not?

Celsius is centralized and I think it is more reliable platform than others.

[Jating]

Personally, I haven't look at this so called crypto-lending, because of so many scam attempts in the past. But I'm not discounting the fact that there could be people around here tinkering on that idea. Of course, giving you a good base per annum is very attractive for some member, specially if you want your money to grow more.

But then again, I might be paranoid because of scams and hacks around. I'm not saying that Celsius Network doesn't have that security to thwart those threat actors, but we all know that they are like two steps ahead of the game, so I wouldn't take that risk.

[coupable]

To give a try in lending field with a centralised platform, this dhould be shady as giving a try with an already scammy platform.
To be honest, anyone willing to try this for serious, should have to wait for serious feedbacks from real users.

I am saying this because of real succeeded scam plans who had used the same technique just to convince that they are promising and they can give it a try.

However, a real feedback should be only based on a trusted opinion resumed according to a real experience.

[TimeTeller]

Personally, I haven't look at this so called crypto-lending, because of so many scam attempts in the past. But I'm not discounting the fact that there could be people around here tinkering on that idea. Of course, giving you a good base per annum is very attractive for some member, specially if you want your money to grow more.

But then again, I might be paranoid because of scams and hacks around. I'm not saying that Celsius Network doesn't have that security to thwart those threat actors, but we all know that they are like two steps ahead of the game, so I wouldn't take that risk.

I have the same feeling also when it comes to crypto-lending platforms.
We all know that there are a lot of these platforms that were introduced here in this forum.
But I think, only this Celsius Network seems to achieve success on this kind of business.
It is really surprising for me about the assets that they have.
I also have question about the number of their users. Maybe they have active users outside this community?
I hope the figures that they are disclosing are all authentic and not manipulated.
But up until now, I don't have the trust in crypto lending platforms.

[Python Master]

I have not believed in lending coin since 2018. Even though Celsius is successful now, it will fall someday. We must know that no lending platform can keep operating forever.

[tsaroz]

I have not believed in lending coin since 2018. Even though Celsius is successful now, it will fall someday. We must know that no lending platform can keep operating forever.

Crypto lending are frowned upon in the past as they used to let users borrow and lend using crypto specially bitcoin but at current time almost all of crypto lending platform use USD for borrowing and lending while crypto just as escrow. Celsius for example do give interest on bitcoin deposit but they keep it flexible to adjust with price change. While providing larger and fixed interest on stablecoins.