One of the problems that exist in the cryptocurrency community is that there is very little sense of community amongst users–we haven’t seen cryptocurrency holders come together to support one another, and in many ways holders have been taken advantage of.
Celsius Network hopes to change that and bring some of the power of cryptocurrency back to its users, by creating a wallet that both pay interest on the cryptocurrency deposited, but also allows users to borrow dollars against crypto deposits. Users can earn interest when their crypto is used by hedge funds or large crypto funds in short sales–high fees are charged for coin access, which is given back to the community when the coins are returned, similar to how it is done with traditional stocks, bonds, and securities. A product demonstration was held last week in New York.
In the long run, Celsius Network hopes that this will remove excess liquidity from the markets and help stabilize cryptocurrency, thereby drawing in more users and creating more value for everyone. Alex also discusses his thoughts on the future of innovations in this space and the importance of making decisions that are in the best interest of the community at large.
For more information, visit www.celsius.network