Centralized cryptocurrency lending platform Celsius doubled its cryptocurrency reserves in six months. And, it now has $ 2.2 billion in assets under management.
According to a November 9 statement, Celsius doubled its cryptocurrency reserves in six months after having surpassed $ 1 billion in June. The platform has attracted more than 215,000 users in total, worldwide.
Celsius offers a centralized alternative to DeFi, called CeFi by much of the crypto community. The crypto assets deposited on the platform are loaned on exchanges and on market markers. And, 80% of the interest generated is distributed to the depositors.
Since its launch in July 2018, Celsius claims to have paid out more than $ 80 million in rewards to depositors.
In the announcement, Celsius CEO and founder Alex Mashkinsky describes his company’s success as proof that:
“Interest income is the new killer app for cryptocurrencies.” “We have created more revenue for our customers than anyone at DeFi or CeFi, and we have no plans to slow down in the near future.”
First case of Bitcoin and cryptocurrencies in the US related to tax fraud
A former Microsoft employee was sentenced to nine years in prison for 18 federal crimes after the discovery that he stole more than $ 10 million in digital currency from his employer.
The man in question is Volodymyr Kvashuk, a software engineer who first worked as a contractor at Microsoft before becoming an employee. You were tasked with testing Microsoft’s online retail platform, but you decided to take advantage of it. He proceeded to steal “currency stored value” (CSV) from the platform in the form of digital gift cards.
Kvashuk then re-sold the currency on the internet and a bitcoin “mixing” service was used in an attempt to hide the origin of the cash coming into his bank. Kvashuk even used test email accounts of other Microsoft employees to help hide his fraudulent activity.
Lebanon readies central bank digital currency for 2021 launch
Banque Du Liban Governor Riad Salameh told state media on Tuesday that the CBDC project is part of a “regulatory mechanism” to restore confidence in Lebanon’s troubled banking sector.
Lebanon’s private banks have deep ties to the government, which defaulted on its debts in March. Neither institution gets much trust from the public. Lebanese citizens currently store more than $ 10 billion in their homes, Salameh said.
CBDC will also help Lebanon move to a “cashless system” that allows for more fluid cash movement locally and abroad, he said.