Celsius aims to replace banks with crypto coin holders

The Celsius will launch its platform in Q1 2018 saying that the members will borrow coins at reduced rates compared to traditional financial institutions, while lenders can earn automatic interest by holding coins in the Celsius Wallet.

Celsius plans to offer a variety of financial tools for crypto asset holders, including:

• Peer-to-Peer Lending
• Peer-to-Peer Borrowing
• Crypto Shorting
• Global Credit
• Capital Protection

The financial platform is also known as “The Wallet That Pays Back”, where registrants who deposit coins into the Celsius Wallet will receive up to 7% per year on loaned coins. Global users will be able to transfer Bitcoin, Ethereum, Litecoin, or any of the several other coins the platform will accept into the Celsius Wallet and earn interest. Assets deposited will then be lent and distributed across the Celsius Network to a wide array of borrowers.