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Celsius (CEL)

ICO

Last updated: May 04, 2018

Celsius is a global P2P financial platform that seamlessly connects holders of crypto-assets with borrowers. It allows the crypto-holders to earn fees on their assets in the form of coins or get a dollar margin loan against their crypto.

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Overview

Project industry	Finance Services & Banking
Product type	Service
Whitepaper	Open

What is Celsius

Coins that are lent from member wallets will begin to accrue interest in the form of Celsius Tokens (CEL), allowing members to earn up to 9% annual interest per transaction. Celsius designed CEL (ERC20 Token) a value-driven lending and borrowing platform for all Celsius members.

When the token is issued, members who own Celsius tokens will be able to apply for and receive dollar loans against their current holdings. In addition, users who accept the loan may pay the interest in Celsius tokens for a discount. Any excess Celsius tokens will be burned after the token sale. Celsius tokens placed into the Treasury will be used for new loans, and not sold off immediately upon delivery.

If user fails to act and crypto value continues to decline Celsius may sell crypto in the exchanges to recover dollars and reduce loan amount .

Celsius issues a sell order of crypto on the exchanges to initiate the short position on behalf of the borrower (trader).

Celsius will be launched in 2019.