The Chinese government’s measures, which first warned that cryptocurrencies should not be considered real money and then announced that it would restrain mining and trade, have had major impacts on the market. Bitcoin is holding down below US$ 40,000, and all other currencies have been down. Only the stablecoins remained stable, with minimal appreciation.
Thus, in the week between May 18 and May 25, the only currency that appreciated (compared to bitcoin) was Celsius, a DeFi platform that enables income in cryptoassets. However, the good performance did not happen in dollar terms. It is worth noting that this is a cryptocurrency with great volatility and that it offers high risk to the investor since it is not among the most consolidated projects.
Learn more about the Celsius platform and its token
At the time this article was written, Celsius was ranked 59th in CoinMarkepCap. With a value of R$ 36.77, the currency has a market capitalization of R$ 8.782.025.222. It is worth noting that Celsius (CEL) is a banking and financial services platform for cryptocurrency users. Its token, CEL, performs various built-in functions, including increasing rewards for users if used as a payment currency.
Launched in June 2018, the platform offers rewards for those who make cryptocurrency deposits, in addition to services such as loans and wallet payments.
The platform aims to offer financial services differentiated from traditional ones, including savings with higher rates of return, greater simplicity in lending, and automatic rewards calculated by algorithms.
The platform also functions as a wallet through its CelPay feature and hosts its own token (CEL). As a for-profit company, Celsius returns 80% of its profitability to users (the rest is interest payments). The company also lends to institutional entities such as hedge funds.
Payments are guaranteed because assets back loans, and any borrower must provide more than 100% of what he borrows in the target currency.