Crypto Lending and Borrowing Platform Celsius Network Acquires BSave
Celsius Network, a cryptocurrency lending and borrowing
platform, has acquired BSave for an undisclosed amount, the company said earlier
BSave is a platform that provides earning interest income on
cryptocurrency. With the acquisition, Celsius Network gains access to its yield
generating algorithms originally developed by the company. Celsius Network said
it will retain BSave’s key talent, employees, and developers. Steve David
Bellaiche, BSave’s CTO and co-founder, will be joining the Celsius team.
Additionally, the 45,000 pre-existing BSave members will
join the Celsius platform.
Daniel Leon, president, co-founder and COO of Celsius
Network, said the acquisition of BSave was “the next logical step in our goal
of becoming the leading interest-earning platform for stablecoins and
Founded in 2017, Celsius Network provides a platform that allows users to access several services. These include for instance depositing digital assets in the Celsius wallet and gaining interest, applying for loans with digital assets as collateral, and transferring digital assets to other users through the company’s CelPay feature.
The platform is built around the Celsius Token (CEL) which allows users to take advantage of different utilities, primarily to gain better terms and opportunities when using Celsius’ services such as higher rates for interest income, lower rates for crypto-backed loans and priority status for customer support.
Celsius Network currently supports interest income on 16
different coins. Interest is paid out weekly, and users can choose to earn
in-kind (BTC on BTC, ETH on ETH, etc.) or in CEL to receive greater rewards.
Users can use the coins held in their Celsius wallet as collateral
to receive loans in USD or stablecoins. Interest rates are set at 4.95%, 6.95%
or 8.95% based on how much collateral they want to provide.
As of May 2019, the company exceeded US$200 million in
deposits, US$2 billion in coin loan origination, and 30,000 active wallets. It claims
it has not had a single default on a loan since the launch of the platform in
Celsius Network was founded by Alex
Mashinsky, a serial tech entrepreneur and the founder of seven startups. In
1994, Mashinsky successfully invented and developed the Voice Over Internet
Protocol, which paved the way for users with broadband Internet connections to
make voice calls to one another. His work has received several awards for
About Diana Ngo
Diana Ngo is a freelance fintech, blockchain news writer based in Cape Town, South Africa. She has worked for French- and English-language online publications, covering fintech, blockchain technology and digital currencies. Diana joined CoinJournal in June 2015.