Celsius Network also chosen to manage a portion of Litecoin Foundation’s Treasury
LONDON--(BUSINESS WIRE)--#AlexMashinsky--Celsius Network (https://celsius.network/), the industry-leading cryptocurrency platform, today announced a partnership with the Litecoin Foundation (https://litecoin-foundation.org/), which will see Celsius become the preferred interest-earning wallet of the Litecoin Foundation. In addition, the Litecoin Foundation board chose Celsius to manage a portion of their treasury, a first for the organization.
Celsius Network’s mission of making financial services fair, rewarding, and transparent directly complements Litecoin’s pledge to develop and promote blockchain technologies that empower users with 100% access and control over their crypto holdings. LTC holders who choose the Celsius wallet will now enjoy interest income of up to 10.53% APR on crypto assets. LTC users can also use their coins as collateral to get dollar loans at rates as low as 4.95% without fees or penalties, no minimums or caps, and no lockups.
With a market cap valued at over $4 billion, and adoption rates amongst businesses and individuals growing rapidly across the globe, Litecoin is one of the most popular cryptocurrencies in existence. Similar to Celsius Network, Litecoin offers its holders key benefits over competitors. LTC holders enjoy near-zero cost transaction fees, and increased speed when sending transactions; two and a half minutes, compared to nearly ten minutes on the Bitcoin network. LTC is already traded, loaned, and held by Celsius Network users.
“We are excited to select Celsius Network to provide Litecoin holders a new set of use cases for their holdings,” said Charlie Lee, Creator of Litecoin and Managing Director of the Litecoin Foundation. “The ability to gain interest on, and take out loans against their litecoins, provides new opportunities for individuals to grow their holdings and take advantage of financial services that have previously been unavailable to cryptocurrency users.”
“This has been a year of enormous growth for us,” said Alex Mashinsky, CEO of Celsius Network, “We have completed over $2.2 billion worth of coin loans, passed $350 million AUM in customer deposits, and distributed over $3.5 million in interest payments. This partnership with the Litecoin Foundation gives us access to an unprecedented amount of LTC holders, representing yet another monumental step for Celsius in our mission to bring financial services to the millions of unbanked around the world.”
In addition to this partnership, Celsius Network is going to be the Title Sponsor of the 2019 Litecoin Summit, October 28th & 29th in Las Vegas, and will be delivering a keynote.
About Celsius Network
Celsius Network addresses the financial needs of today’s consumers worldwide through a democratized interest income and lending platform accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the depositor community, Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions. Find out more at www.celsius.network.
About Litecoin Foundation
The Litecoin Foundation is a non-profit organization whose mission is to advance Litecoin for the good of society by developing and promoting state-of-the-art blockchain technologies. Registered in Singapore, the Foundation is comprised of full time and volunteer support from around the globe. For more information, visit https://litecoin-foundation.org.
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