Category Archives: Celsius Network

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Crypto Lender Completing $630 Million in 6 Months says Bitcoin Needs Killer App

Crypto Lender Completing 0 Million in 6 Months says Bitcoin Needs Killer App

Some blockchain firms have survived the so-called crypto winter, although many have been less fortunate but one blockchain-focused company thinks it has at least part of the answer to finding success in a bear market.

Celsius Network, an industry-leading cryptocurrency lending and borrowing platform, was created to leverage cryptocurrencies and blockchain technology to create a community which had the interests of the depositor at its heart, according to its CEO and founder Alex Mashinsky. He says he is achieving this through what he calls MOIP (Money Over Internet Protocol).

Clearly, he has found a successful formula, recording over USD 630 million in cryptocurrency loans in just six months, but he claims that “unbanking” should become a greater focus for depositors who are using the conventional banking system. The company’s approach is similar to the banks in only one aspect; it allows customers to take out loans or deposit coins, but there is a difference, as this banking alternative sees 80% of the income generated given back to the depositor every week. Mashinsky explains:

“When banks make a profit, they give it back to themselves or the shareholders, but nothing goes to the depositor. We are doing exactly what banks are supposed to do, but for the depositor rather than the shareholders.”

Now with over 16,000 registered users from over 100 countries the company claims to have paid Bitcoin (BTC) and Ether (ETH) interest to all its depositors every week since its launch. His hope for BTC is positive with quite a different spin on 2018 blockchain development statistics, arguing:

“And even after being down 80%, Bitcoin still proves to be the best performing digital asset class in the past decade. While 2018 was dominated with the dropping baton, Bitcoin continues to be adopted and new blockchain developers in 2018 have doubled.”

Mashinsky sees the future of Bitcoin in the hands of millennials, citing the swell of interest in South Korea with 90% of the country’s young already becoming cryptocurrency holders. He sees this future aided by the launch of a killer app which would attract the next 100 million people to crypto because, as he argues, “too many speculators have jumped in and there are not enough real users and institutions to get us to the next level of adoption and price”.

 

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Will There Be Lambos at the WBF, Crypto’s Big Event of 2018?

The 4th World Blockchain Forum is coming to New York City in November and will be televised on mainstream TV networks including NASDAQ, NETFLIX, and APPLE TV.

The WBF is the second mammoth crypto event to come to New York this year after the Consensus event in the summer. The latest of the new wave of crypto conferences may not offer the glamour of the Futurama Summit in Dubai, with its desert convoys, star-studded yacht party, a bar to drown the sorrows of the most discerning drinkers, fleets of helicopters, hot air balloons, and a massive firework extravaganza. It may lack the Lambos and the hip-hop artists of New York’s latest event, but its founder Zhao Sheng clearly sees such gatherings as enriching the industry and therefore, entirely relevant to its future, he said:

“We are witnessing an unprecedented digital migration of wealth onto blockchains of various forms so we need to start working towards a global blockchain industry consensus. And the best way to achieve consensus is to gather all stakeholders together within an ecosystem founded on consensus, which is why we organize the World Blockchain Forum.”

The WBF planned for the 8/9 November will include a TV event, a hackathon, a job fair, and presentations and panel discussions featuring leading innovators from across the cryptocurrency industry with the organizers inviting crypto skeptics to join the event and express their concerns to those industry experts in the know.

So far, Zhao Sheng, who promises that this will be the blockchain event of 2018, is expecting a range of well-known speakers at the event, including Celsius Network Founder & CEO Alex Mashinsky, Agentic Group Founder Rik Willard and Everipedia Founder Mahbod Moghadam. The organizers have said that they wish to bridge “the Eastern and Western worlds in an interactive setting,” adding that:

“The conference will discuss the current state and future prospects of the blockchain, including trends, opportunities, challenges, regulations and their long-term implications.”

More than 2,500 people are expected to be in attendance, to include representatives of 150+ companies and 200+ speakers who are experts from blockchain finance, cryptocurrency, token economics and consensus, Ethereum apps, the EOS ecosystem, the future of crypto, and AI trading.

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