Ask Mashinsky Anything: November 26, 2019

Date: February 2, 2020 / Category: Blog

 

1. (1:20) What’s Celsius Network’s competitive advantage over other brands like Nexo?

AM:

What’s our competitive advantage? So the main most competitive advantage is all about the fact that everything we do is for the community. When we earn anything, 80% of that goes back to the community. No one else does that, right? So BlockFI, NEXO all these other companies are not really there to buy Bitcoin and Ethereum and give it back to you. You cannot get Bitcoin from NEXO, right? You cannot get Etherium from NEXO, more coins on your coins. So we have a lot of copycats today. We basically invented this whole idea of paying interest on crypto. All these guys, NEXO or BlockFI used to charge you 18% to 24% more money against your crypto. Celsius came in, started charging 6%, 7%, 8%. So we dragged everybody else down to pay the same, to charge you a third of what they used to charge it before. So just think about all the money these guys made and before sales to show up and forced everybody to give really good rates to the community. So that’s, I would say the man advantage. But look what we have to create a new system that acts in your best interest. And I think we’ve proven that over the last two years. Everything we do, everything we build is for you to make it better and easier for you to live your life, pay your bills, and actually have your money work for you instead of you working for your money. Right?

2. (3:00) What are the strategies for the CEL token?

AM:

The cell token. What is that? No, just kidding. So then the CEL token is part of this flywheel. So let’s connect all the dots. Let’s start from the beginning. So the first thing that happens at Celsius is that we get deposits, right? People lend us their other coins. You basically you the viewers, you the users of Celsius. Lend us your coins. We put those coins to work. The coins produce income, right? And we then use the income to either distribute BTC and ETH and the 25 other coins we have to you every Monday or about 48% of the community said, I don’t want Bitcoin. I don’t want Etherium. I want you to give me CEL token instead, I believe in the CEL token. So we then have to go and buy the CEL token, on exchanges with BTC with ETH and deliver that CEL token to the community. That’s what we’ve been doing for about a year. And the purpose of the CEL token is, it has seven utilities. If you don’t know what CEL token does, go to our website. There’s a listing of all those. There’s also a great explanation for the community. A website called celsians.com, visit that site. It’s run by a great guy named [inaudible] who’s been a very big advocate of the Celsius community and the crypto community. So you can go and understand all the details of how this stuff works. But the flyway of more deposits, more loans, more income, more purchase of the CEL token should result in an increased price of the cell token. Right? So the more we buy, the more users we have the more, uh, all of this works. And again, in the app, if you haven’t used the app yet or just all the features in the app, open your Celsius app, you can see from the main menu, right? So if you use the main menu, does a community page. If you click on the community page, right, you can see exactly how many users would have every day this number changes, right? And show deposits and how much interest we paid, what percentage of the community is using cel. Right? So you can see exactly in real-time what that is every day. So, you know, in real-time, if the community is growing, are the deposits growing or the amounts we earn are growing. If all of them is growing, that means we will be buying more and more CEL token. So right now we have a very loyal community. we both tried to grow with our mission is to bring 100 million people into crypto we’re only 57,000 users, but we’re adding about 2,500, 2,700 a week right now so just over 10,000 a month. And that double of what we used have just a month ago, right? So we increased dramatically. and still getting 1 to $2 million of deposits every day. So you can do the math just over 400 million today. And, you know, we plan to probably be over a billion sometime next year. You can do the math of what that translates into in actual and absolute interest distribution plus a CEL buy-backs.

3. (6:45) Are you planning on listing CEL on new exchanges?

AM:

Yes, we are planning to list CEL on new exchanges. We are going to be announcing a few of those. Again, what we tried to do is make CEL accessible to as many people as possible. I know a few people were complaining about HitBTC. Why did you choose to HitBTC? It’s an example of an exchange that has millions and millions of users. There’s some positive things about it and negative things about it, but the point is it provides access to many, many users and that’s what we’re going to continue to do is, is provide access to our community, on many, many different exchanges.

4. (07:28) Where does the interest come from?

AM:

Where does the interest come from? So I just answered that, but I’ll answer it again. The interest that we earn comes from lending assets. Again, we have 25 different assets, right? So obviously about half of it is BTC. Then we have a lot of cash. We have about $30 million worth of cash that the community is giving us in the form of stable coins as well as other assets we borrow. So we lend that right? As we let these things to both exchanges and hedge funds, right? So we collect coins from 57,000 users, right? These are people that did KYC on our platform. About a hundred thousand of them, download the app, half of them did KYC, or started KYC and gave us over $400 million. Now we lend that to exchanges and hedge funds. Why would exchanges want to borrow? So look over the weekend, if you saw all that volatility, the price of Bitcoin going up and down during those periods, there’s a huge demand from traders and from institutions to go on to leverage. For example, buy Bitcoin on leverage short Bitcoin and we lend to the exchanges our counterparties exchange, exchange pays us interests for providing these assets so they will have liquidity. So they can perform the functions of exchanges perform, right? Matching your orders and allowing them to shore it, allowing it to buy a margin, right? You have one Bitcoin and you want to buy a second bitcoin. When exchanges do all of that, those coins don’t come from the exchange. If they don’t come from finance, they don’t come from Bitfinex. They come from lenders like ours. It’s just that today when you lend, when you put your coins with this or that custodian or this and that exchange, you don’t even know that they lent up on your behalf. And the exchanges keep all that profit to themselves, right? So when you hear finance made $1 billion profit, a lot of that profit comes from them taking advantage of giving them your money for free. You gave them your coins for free. So when they lend these things out, they keep all the profits to themselves. 100% of that to themselves. Celsius takes all that profit then gives 80% of the deposit. So you just have to decide who is acting in your best interest. And again, if the more we obstruct off exchanges, the more coins we take off exchanges, the more we can charge, the more they have to pay us, the more we distribute. Back to the community.

5. (9:56) Do we have any plans for a credit card?

AM:

So, again. There are, you know, I have 20 credit cards. Most of you have multiple credit cards. The last thing we need is one more credit card, right? So the only reason to do a credit card, [that’s my goal for my team], is if we can create a card that is better than anything out there. Today, the best card I know is probably the Apple card, a credit card that they’ve issued recently with Apple pay.
We have to do better than that. So the goal — the bar is very high and we’re working on it, but we don’t have a card yet because we try — we need to see this larger community and then we can deliver a product that cannot be matched by anybody else. Again, it’s going to be giving even more back to you. Things like 5% cashback. Does anyone like 5% cashback? There are 225 people on the stream, you know, I’m sure most of you would say yeah. And interest that 5% cashback we paid to you in BTC right into your Celsius wallet and then earn interest on top of that. Right? Wouldn’t that be amazing? So we want to do something that is amazing that when you get it, then you use it you’ll say: “wow, I can’t believe it. How come no one has ever done this before?”

6. (11:19) How do you trust Celsius?

AM:

How do you trust Celsius? So that’s a very good question. And you should — all of you, all the viewers, everybody should be doing their homework, right? So we do everything we can to prove to our community that we’re fully transparent. We’re acting in your best interest that we’re here to really build a financial future, not just for you, but also for your kids and your grandkids. Right? That’s why I created the company. Me and Daniel created it because we believe that the financial system, the way that it exists today is not designed to help you or anybody out there. It’s just designed to perpetuate the wealth, aggregation and consolidation by the 1% of the entire population on the planet, again, the 50 top people in the United States own half of all the wealth in this country. It’s crazy. So instead of talking about redistribution of wealth, higher taxes and all that stuff, we designed a system that acts in your best interest and now your money can work for you and now you can actually create your own financial futures without relying on politicians or anybody else to do that for you. So the way you trust Celsius is you check everything we say, right? Do we have the deposit? Do we earn the interest? Do we distribute it to our users? What are the users saying? Right? What do our vendors say? So we publish, for example, our Bitgo letter, both of them on telegram and on Twitter. Go ahead and do a search and see that one of our vendors, which holds all the deposits that we receive for those 25 coins from the 57,000 people who registered with us going to Bitgo, right? So if Bitgo does not say, “Hey, I received all this money and it came from all these different people,’’ that’s a very easy way to catch somebody lying and saying,” Hey, you’re not a truth-teller”. Earning that or earning those coins. Starting this week we are publishing the wallet into which we will put all the earnings. So meaning you can track the BTC wallet, the ETH wallet. And so once in a while, we published it this week on our website and then made available to everybody where you can track how much we earn, what’s happening to their earnings, where were these CEL tokens or BTC were bought, where are they distributed to everybody else out there. Full transparency. And again, we’re doing that because we have nothing to hide. Try to ask any of these other guys we just talked about to show you how they earn the money that “they’re paying interest” in. Okay, all of our competitors were caught once or twice or several times, basically saying we subsidize it. We don’t really earn it, we don’t know how Alex does it. We just take our investor’s money and we use it to buy Bitcoin and pay 6% to our depositors, but, you know, we can’t really keep doing it forever because we’re not really earning those dollars. Our rates change every week because sometimes we earn more, sometimes we earn less. When you see how the people not changing their rates, no matter what the market is, the market demand for points- If you see the rates flat, that tells me there’s a problem in that model that tells you that these people’s “earnings” have nothing to do with earning anything for it.

7. (14:37) What happens if Celsius gets hacked?

AM:

So if we would get hacked, that means Bitgo got hacked. Bitgo has over a hundred million dollars of insurance per wallet. We have over a hundred wallets and we never keep too many coins in any wallet, but at the same time, we also transact to hot wallets. Insurance is only for cold storage. Our hot wallet provider five blocks is also insured and we basically rely on those companies. These are some of the best companies in the world — Bitgo has been around for almost 10 years. They’ve never got hacked. Finance got hacked, right? All the big guys got hacked. So we think — basically, if you trust Celsius, you’re getting the Bitgo custody for free, right? That costs $3,000 a month to be a Bitgo customer. So we’re basically subsidizing it to enable you, not just to run that for free. They also have withdrawal fees and everything else we’re paying for those fees. You’re not paying for anything, right? The depositor in our case does not pay for a deposit, does not pay for withdrawal, does not pay for all of these transactions going back and forth. All of that is part of our costs. And we subsidize it because we were earning the yield. So, but basically all of us already a little bit less because we have to pay these fees.

8. (15:56) How do you get yourself in a productive state? Are you planning to write a book anytime soon? I’d love to know more about your obstacles and ups and downs and your life story.

AM:

Sure. So, and I don’t have an off switch. I’m like this seven days a week. You’re lucky you’re not married to me. Imagine me talking about this. Seven days a week, 24 hours a day. So that’s why I have six kids and this is my eighth company. All right? And I’ve done seven other startups before Celsius. I ran a public company before Celsius that had 1500 employees and $400 million in revenues. I was paid millions of dollars. I had an easy job. I walked away from all of that because I felt it again. My kids, all your kids don’t have a future, do not have a financial future. And the passion that I hope I’m sharing with you here is something that you need to share with others, right? We’re only going to be successful if all of us convince all the doubters, all the farmers out there that this is in our best interest. That this is really here to enable all of us to have a future. So I disrupted several industries, right? So I created Voice Over IP back in 1994 and wrote the pattern to build the first gateways and launched the first service launch in Korea then launched in Japan. And then we expanded this worldwide where today this is the voice over IP transaction. We take it for granted. You know, people don’t remember what it used to be, but we used to pay two or $3 a minute to a toll collector that basically decided how much we talked to our friends and family because it was so expensive. We replaced that with something that is free. So 4 billion people use it every day, right? Well, right. So the same thing we did for VOIP we are now going to do for MOIP — money over IP and we’re going to replace the toll collectors, the banks, the financial institutions that suck all the profits from us with institutions that are acting in your best interest. And my desire, my dream is to die and have Celsius, have hundreds of millions, if not billions of users who are living their life — because the system is creating financial freedom for you because you’ve saved because you basically had your money work for you instead of you working for your money. And one more important point: Again today, the problem with the crypto community is that most of the people that we celebrate are just another form of a bank, right? Again, Binance or any other exchange today is a centralized toll collector. There’s no difference between — their extracting profits from you, Coinbase extracted $2 billion worth of profits since 2014- they take all that profit, they give it to their shareholders. Celsius takes all the profit and gives it to the depositor. So it’s very simple. You have to decide every day, are you going to enable the people that take from you and give to their rich shareholders? None of the Coinbase shareholders need any more money. I guarantee you that. Or do you want to enable, as you transact, no enable the other depositors? When you take a loan from Celsius, you pay us interest, we buy BTC within and give it to our depositors. You show me anybody else that does that, right? So these are simple things that you know, you ask yourself, how come no one has done this before? And the answer is greed. The answer is that people get used to stealing so much from the average Joe, that the idea that you can just give people back 80% and only keep 20% sounds ridiculous. It sounds like I gotta wake up. Why would I do that if I can keep 100%?

9. (19:46) What do you think will happen to the crypto space during a recession?

AM:

So look, no one wants a recession, right? I mean the recession is not something that is good for us or for you or anybody else. But the Bitcoin is a doomsday insurance policy. That’s the only thing that it’s good for. It’s a store value for doomsday, right? So today Bitcoin is going up and down based on how many people believe in doomsday, right? And obviously, if a recession comes, then the number of people believing in doomsday is going to increase 10 or a hundred full. Meaning the price of bitcoin will rise as well because many, many more buyers mean higher prices. So yes, we all are waiting for another 2008 because we want our Bitcoin prices higher. But you also have to think about the other billions of people around the planet because when the United States gets a cough and the rest of the world gets a lung disease, right? So, so we have to remember that the United States economy is the parameter for the rest of the world and is driving economic activity all around the world. The US dollar is the dominant currency. So all these things are tied together. So you may be winning here, but you’re going to be losing there. So my vision of enabling cryptocurrencies is not relying on a recession. It’s not relying on the doomsday scenario. If we enabled people to earn real money, real return on their assets, then you don’t need a doomsday, right? 7 billion people want to earn more money on their money. All we have to do is convince them that instead of just having doomsday insurance, they should buy Bitcoin and have some of that. I’m also trying to convince everybody that the scenario where creating an institution that is acting in your best interest, that is helping you unbank yourself and earn real interest — so your money’s earning money that is working during the regular financial prosperity as well as during recessions of Russians. Right? And so, and the reason I created Celsius because no one else has done this, right? I’ve been in this business for a long time, I held coins for a long time. I have not seen anyone who wanted to confront the banks, who wanted to create a new system. So I jumped in and started Celsius Network.

10. (22:13) When can US users earn in CEL tokens?

AM:

So you US users, again, the US is passing more and more strict regulations around cryptocurrencies. It’s a good thing and a bad thing, right? We want clarity, we want regulatory clarity so we can operate, so Celsius for example, again we, we are a Delaware C Corp, we are registered, we follow the rec D with the SCC. We are registered with FinCEN, right? We’re now applying for licenses in different States, including different countries. So we follow all the regulatory regime. But as the regulations tighten, there are certain things we are allowed to do and certain things we are not. For example, US users can earn interest Bitcoin to Bitcoin, you can earn CEL on Cel. You can earn all that interest. All that has cleared by multiple lawyers, who have told us we’re doing just fine with them. But there is uncertainty, lack of clarity on our ability to, for example, take Bitcoin and pay with Etherium interest, right? Or take a Bitcoin and pay with Cell. So though that area is still unclear, we’re waiting for regulatory clarity and as we get it, we will enable different services and you can see that in the app, every version of the app has more functionality. For example, you can gradually now go and choose which coins you want to earn in Cell and which ones you to earn in Bitcoin. That is for non-Americans, right? Americans are still waiting for a resolution of that. But again, we have a, I’m the largest CEL holder, CEL token holder and I earn interest on my coins, right? I earn interest by HODLing my CEL tokens at 4% right now. And because I believe that the value of the token will go higher.

11. (24:03) What does it take to get an internship at Celsius Network?

AM:

Internship? Very easy. You send us your resume, send it to Kristen at Celsius.network and you’ll get your dreams come true and you get all the swag for free. You can keep, you know we have winter swag and summer swag. You get points, we got Celsius coins if you haven’t got these, these are amazing coins “in blockchain and trust”. So plenty of swag. We pay money, nothing’s free. You know, we believe in paying people for their hard work. And again, we have 400 ambassadors if you want to do this more on a part-time basis and not show up at the office — sign up there links both on our website on the mailer that we set out and also on celsius.com I think they have been linked to the ‘Ambassador Program’. Come join us. We can, again, we operate already in over 150 countries and we want to go out and start events, educate people, we’ll send you a bunch of shirts and all kinds of other stuff you can get these things out. And I travel all the time. Daniel and I, both of us travel all the time. So when we put an event, you can come and work with us to the event and get on stage. We celebrate our residents. So come join Celsius.

12. (25:24) Will we ever be able to pay bills via Celsius Network?

AM:

You can pay bills today. We have a function called CelpPay that allows you to send crypto to anyone. Even people that do not have wallets, especially people that do not have wallets, right? So if you haven’t used that function, again, it is blocked in the few States, but most countries will enable us to do that. You can take your, any of your 25 coins, you can send it to anyone as a thank you or as a bill payment or anything else, as long as they accept crypto. Right? So, but the next version, 4.1 will enable you to purchase things using your dollars and also pay things using your dollar. So it’s coming. We’re also going to enable you, for example, to be able to take a paycheck and buy Bitcoin with it automatically and it will go straight into your Celsius account and earn interest, right? So we are linking many services that exist outside to enable the community to benefit from these things. Also, as you know, we are integrating the many different wallets and exchanges. So if you are using Monarch, Venmo, Voyager or any of those wallets, you can earn interest in your wallet. You know, it’s automatic. Celsius is built into the wallet. And we hope to add many, many more of these to our network.

13. (26:51) Is Celsius Network thinking about compounding interest?

AM:

So two things we’re adding. One is: you’ll be able to withdraw your interest first. So when you make a withdrawal, the things that come out first will be the interest, not the principle the way it is today. So reversing that, again, just a technical thing I hope in the next version — 4.2 before the end of the year, you will have that function and then compounding interest comes after that. So it’s probably going to be January, February next year. I’m not sure we’ll do it on all the coins. Again, we already pay almost everything we can, right? So compounding comes effectively out of Celsius, which means we have to publish low rates. So I know, again, some other people use the word compounding, but since they’re not earning anything, they can compound anything, right? And use their investors’ money to subsidize the rates. Sooner or later they’re going to charge you fees that will charge you all kinds of other stuff, right?

So nothing is free in this world. Right? So if somebody raised it 20 or 30 or $100 million. Right? Like some of these guys did, and they’re subsidizing all their customers. They’ve got to be making it somewhere else, right? So if they cannot explain to me how they make their money, then they are charging you some somewhere else. For example, park this many coins of mine here and there, here’s my credit card, and then they charge us three or 4% and credit card fees. Or they’re just using the fact that you are parking money and not paying interest, right? So there’s no free lunch, right? At least everything we tell you is straight forward. We tell exactly where we get this stuff, how do we earn it? Where does it go? Who benefits, how much does Celsius keep, and again, 80% — 20% why did they choose 80% — 20% that’s a great question because a lot of people kind of say to me, how did come up to this number?

I’ll tell you a secret. If you’re very, very rich like I am, and you give your money to these really fancy money managers, right? These people, hedge funds and institutions like Black Rock and so on. You as the LP, the ‘Limited Partner’ gets to keep 80% and the General Partner, the guy that runs the fund gets to keep 20% that’s how the rich people have been managing their money for hundreds of years, right? The only problem is none of you has had access to it. Why? Because the minimum ticket to get in, it’s usually $10 million, right? These guys make millions on Wall Street don’t want to deal with a little guy. So all we did is we took the same formula and we gave it to the average Joe. Anyone on the planet, even if you have $10 or $10 million, you can join Celsius and get exactly the same interest in exactly the same distribution.

14. (29:39) What is the qualification process for new coins being added?

AM:

So the qualification is very simple. Can we earn yield on the coin? As you can see, everything we have in the wallet are things we earn yield on. We did not end just coin just because it’s a great blockchain or because it’s extra safe, or but because it’s extra fast, none of those things are utilities that help us or our community. So if you have Dash and you don’t know how to stake it, you can give it to Celsius. We put it in cold storage. It’s always in cold storage. We do not lend a dash to anybody. 100% of it sits in cold storage with Bitgo. It’s insured, it’s protected and we stake it and we give you close to a 100% yield of what we burn on those coins. Same thing with EOS. Same thing with all the other staking coins. That’s one family, right? The second family are coins that are in high demand: Etherium, Bitcoin, Lightcoin and so on.

So we can yield, we can earn money on those coins, by just offering them out to safe borrowers. Right? And the third group, are stable coins or other assets that yield because we can use them for other purposes, meaning I can, they’re fungible so you can take for example a USDC or Pax or TUSD and convert them into something else, right? Then people are willing to pay the yield for that, that’s why the yield on those fungible assets isn’t higher actually 7% or 8% because there’s much more demand for those than there is for the other asset classes. So we will be adding many, many more, the answer is yes. We will be adding many more yielding assets. But we have to figure out. So for example, we’re working on BNB right now, we’re working on BUSD. These are assets that we know we can yield on and we’re just putting together all the programs and we usually launch that and then 10 other guys copy us because they go, “Oh, Celsius figured out how to make money on BNB. Let’s see, let’s do exactly the same thing”.

15. (31:50) Who is Celsius Network’s typical borrower for Cash and stable coins?

AM:

Who is our borrower? So if you think we are, again, at 57,000 lenders, these are people who lend us assets, lend us coins. The borrowers, we have a much smaller number. We have maybe 12 exchanges and maybe 115 institutions, right? So these are people that are, that had the least, usually at least 10 million in assets. Some of them have hundreds of millions in assets, right? So we know that they have enough cash in the bank and when they borrow something, they have to give us collateral. If they’re small, we require a lot of collateral. If they’re a big, large, or public company, for example, we require much less collateral because they represent much less risk to the Celsius community. Our job number one is to make sure that these people return their coins. If they don’t return the coins, we use the collateral to buy back the coins and put them back in their accounts. Until today, they have not had any default. We did not have any, even though with margin calls for a lot of these borrowers, we never had anyone who did not pay us the margin call or did not return the coins. Right. So the job that we do on behalf of the lenders is to make sure that we only interact with safe borrowers. There were about 800 hedge funds. We’d only worked with 150 of them — the top 150. I can tell that there are other lenders in the market who lend with no collateral, who out lend to anybody. Good. Good for them. We will never do that because our job number one is to return your coins.

16. (33:25) Can you talk about retail borrowers?

AM:

Right. So we also have retail borrowers. What does it mean retail borrowers? So they are 57,000 people usually 10% of them want a dollar loan. They’re saying: “look, I don’t want to sell my Bitcoin. Either the price is high or the price is low or I’m a HODLER. I want to borrow against it. I heard that the rich people don’t sell anything. They don’t sell the real estate. They don’t sell their stock, they don’t sell anything. They just borrow against it and that’s how they defer their taxes”, right? Our president, how come he doesn’t pay any tax? Because he defers all of his appreciation in his real estate business and he just borrows against it. Just like you can borrow against your Bitcoin with Eutheriam or Litecoin or even Cel, right? So today, the way to go as low as 3.5% so you can borrow dollars against your Bitcoin and only pay 3.5% for you.

We have a calculator on our website, in the App, use it to see what do you qualify for. Again, everybody’s pretty qualified, but the point is it’s a percentage of what you own, so it automatically tells me, “Hey, you own Litecoin, here’s how much you can borrow and what the rate is and what your monthly payment”, right? Then those monthly payments are going to be much less than anything you pay on your credit card or your student loan and car loan or anything like that. I would bet you that it will be a third or less of what you’re paying today.

17. (34:54) Is there a fixed quantity of CEL coins?

AM:

Yes, there is a fixed quantity. We minted 695 million. That will never be more. You can, anyone can audit us at any time and see how many CEL tokens in circulation. These are ERC 20 so by definition you can instantly verify exactly how many CEL tokens there are on our website. If you go to Celsius.network and you look at Cel, you will see a listing of all the wallets where these tokens are, which ones of them are locked, how much is in circulation, about 250 million or so are in circulation, meaning these are the tokens that other people bought. And again, we are buying several hundred thousand every week from the market to put into the community because our community asks us to collect these CEL tokens. So there’s a limited supply, there’s a limited amount in circulation. All of that is fully disclosed and anyone can audit that and verify that we’re telling you the truth.

18. (35:59 If I transfer my BTC or ETH over to Celsius, do I collect interest and the appreciation or depreciation of the coin?

AM:

Yes. So you have to think about it this way. These are your coins. They’re not our coins. Whatever you put in, if you put in one Bitcoin, you will be withdrawing one Bitcoin. The Bitcoin you’ve deposited, it was $5,000 but it’s now worth $10,000? We don’t give you $10,000, we give you one Bitcoin back, right? So it’s always your Bitcoin, it’s always your Etherium. It’s always your CEL token. We pay interest on top of it. So just to make use the round numbers, if we paid 5% interest per year instead of one Bitcoin, you’re going to have 1.05 Bitcoin after 12 months of being with Celsius. When you withdraw, you will be withdrawing 1.05 Bitcoin, whatever the price of Bitcoin is, then that is how much it’s worth in dollars. All we care about is that we’re earning coins on your coins. Basically, it’s the only place where you can earn coins on coins, choosing to get from any 25 different coins. See that any time. Try that with your bank. Look at your bank and say: “here is my paycheck, I want to know where you deposited, I want to know who you lent it to, I want to know how much you’re earning, I want to know who are you giving the earnings to? How much are the earnings I’m getting back?” They’ll laugh at you and kick you out of the bank and take the toaster they gave you 10 years ago.

19. (37:26) Will Celsius Network offer mortgage loans/ Refi’s?

AM:

Okay, so Celsius is here to help the crypto community. By offering mortgages, we will be competing with banks and trying to help. Again, financial institution, that’s not our mission. Our mission is to help the disadvantaged, the people that don’t have access, the people who want to help us build this financial future, right? So everything we do is thinking about them, not thinking about how do we enable rich people to get even cheaper loans for their fancy homes. That’s not what we’re here for.

20. (38.05) Is Celsius Network planning on adding a Euro stable coin?

AM:

So we love Euro, we want to lend in Euro, and I’m really shocked that there is no Euro product. The reason we have not added one is that all the products we looked at until now, have proven to be not as liquid or as reliable as we wanted and we will only introduce to our community things that we stand behind, right? So if we’re recommending to you a set of assets, like today, we’re basically saying here’s 25 assets that we think are safe — then they are. They do what they published, right? That they, they basically, we can stand behind them and say, yes, these things do what they say. We don’t want to put bad apples with the good apples, right? So we protect the community, right? We only allow good actors into the 57,000. We actually reject more people that are in the community today.

We rejected more people than the people that deposit with us, right? And the reason for that is that you don’t want bad apples. You don’t want a hacker or a criminal or somebody who’s the government is after to be part of a community because the government, this government is going to come and say, “Hey, you’re a bad actor because you allow bad actors into your basket”. So we protect the community. Then we protect the assets. We basically, it’s not that we know everything, it’s more about that — if we know there’s a problem, or we cannot explain something ourselves, we would not allow our protected community access to these assets. So some people complain and they say: “Alex you choose these guys, you choose what you like versus what we like”, that’s not the point. The point is: can we earn a little yield, and is it safe? Right? These are the things that are most important for us because we’re thinking about the next hundred years. We’re not thinking about how quickly can we steal money from you like most of the other projects.

21. (40:02) Is Celsius going to go public at some point?

AM:

So I, I ran several public companies, like two companies public, you know, it’s a mixed bag. When I took my company public in 2004 I founded in 1995, this was the VOIP company, Arbonne ed. This was the best IPO. Google went public that year. We did better than Google on our opening day, right? So, what I want is to go public in a way that allows all of you to participate. Not participate, like for example, by UBER at all-time highs from the rich people and then having the stock crash 50%. Right? So we want to do, we want to create a program in which we are going to enable anyone to participate in the growth of this community, in the growth of the platform. And these are the things we’re working on. So, you know, we already have several thousand CEL token holders, right? So we in effect are already having members from 150 countries, right?

And we’re doing everything in your best interest. So going public is not something that is going to get us to like new amazing heights and probably is just one more step in providing or sharing the wealth with the rest of the community. So yes, we have plans, but these plans are including our community. They’re not plans to enrich the few venture capitalists or rich people who invest in the company before. As you know, we did not take any money from all the traditional VCs that’s funded Coinbase and all these other companies that you think are acting in your best interest. Right? Even the venture capitalists who are funding a lot of these defi projects, you know, you have to ask yourself who, and these companies are doing extremely well, who’s going to benefit the most? Is that value going to be going to the depositors, to the users or to the venture capitalists who put the money in the first place? So we don’t want to repeat that. I did seven companies that were all backed by venture capital, okay I know how to run that and do that better than most. But this time it’s different.

22. (42:28) Can Celsius integrate into a decentralized market place?

AM:

Sure. We can integrate into decentralized, we are effectively, we use smart contract, we use multi-sig. We do exactly the same thing that Defi projects do, we’re just doing it a little bit differently, right? So we are working on amazing stuff that’s going to make the existing Defi stuff look like a joke, look like a toy. So when this comes out, you’ll be saying, “wow, I can’t believe that these guys came up with this idea and this is amazing. This is so much better than me sending my coins to some contract that, that I thought was safe and secure and rely on”. So we don’t think that’s the end game. We think that’s just a stop on the way. And we have a solution that is much better. In the meantime, again, in full transparency, you can audit us 10 different ways and through the blockchain, through celsians.com through the stuff we publish.

So we think that our transparency is actually higher than most projects. As an example, and most of you would know, for example, Compound just lowered, voted to lower the rate. Do you know that one vote held 94% of all the votes. So if you think it’s decentralized with one guy controlling 94% of the votes, then you have to really go and do your homework. Right? So again, I love Defi, but the system that exists today where if you borrow it cost you 11% but if you lead, you only get 5% so basically it’s the 50% gap, right? 80% 20% is much better than 50% 50% all right. So my goal for the Defi community is to deliver more, not less than what Celsius does.

23. (44:22) Will interest on CEL fluctuate like it does on other coins? Or will it be more stable? Like the 4% interest we offer ourselves.

AM:

So interest on CEL will go up and down hopefully more up, but, but basically just like the barometer for Bitcoin, the interest on Bitcoin is the demand for Bitcoin. The yield on CEL is an indication of the profitability or how well is Celsius doing. Because if we can pay more on CEL token, that means we’re earning more. So we’re distributing even more. Again, I’m the largest shareholder. Right? But I’m also the largest CEL token holder. So for me, there’s no conflict. Usually there’s conflict. Usually you have to give all the profits to your shareholders and you take them from the depositors or you take them from people that, wow, that’s why you don’t ever have anything in on your bank, right? Cause your man takes all the profits from your checking account, from your paycheck, from your 401k and delivers it to the shareholders as dividends. Here, we are basically taking almost everything and giving it back to the depositors. Right? So CEL token indicates how profitable that operation is. And it’s one more barometer that tells you is Celsius doing well or not. But we raised the rates from three to 4%. It’s not because we’re running out of money and can’t afford anything. It’s obviously because we’re doing better.

24. (45: 46) What is the most ideal and realistic law that can happen in the US? What are we wanting to happen? Is it more likely that it gets better or worse for the US?

AM:

For the US economy? Well, the US, so I’m going to quote Churchill, you know, Churchill doing world war II, they asked him this before they entered the war. They’re asking: “Why isn’t the US helping us? It’s such a powerful country. It has all this military mind”? And he said, “look, the US always does the right thing, but only after they’ve exhausted all other possibilities”. And unfortunately in the crypto space, we are going to exhaust all the other possibilities before we do the right thing. So that’s what you see in China, even France leapfrogging the United States and creating laws and environments that are very crypto-friendly. And we are still sitting on our hands right in the United States. So, it’s not that the regulators don’t understand what’s happening, it’s just that because the United States has the reserve currency of the planet, we have more to lose than to gain, right?

So we don’t want to replace the dollar with something that allows the rest of the world to benefit more than us. Right? So, so we’re trying to create something that is empowering the dollar. That’s why, for example, treasury, and I think most regulators like stable coins, because they’re denominating dollars, but they don’t like Bitcoin and Etherium because they are the competing economic system to the US dollar being the reserve currency. So, and I said this publicly, right? We need a new invention. We need something that we created that is using all the benefits of the blockchain, all the benefits of the ecosystem that we created. But that is basically taking advantage of all the trust and infrastructure that we already created with the financial system that is based on the USD. And that’s what has not been invented. That’s not been created. So the person that’s getting in there is going to create more wealth than Apple, Google and Microsoft put together. So if you want to be the richest person in the world and you think you don’t have to do this, I’m happy to partner with you and do it together. Plug all that into Celsius.

25. (48:03) Is Celsius Network’s ICO complaint to US law?

AM:

That’s a tough question. So if you ask ten lawyers, is our ICO compliant with US law? You’re going to get 10 different answers. So even the SCC themselves, basically by filing selected lawsuits against selected companies, they indicate what is right and what is wrong. If you see the companies, for example, we did not get any inquiries or any requests for information or any action letters from any of these regulators, right? So we think we’re compliant. We did everything in a compliant way. We followed every advice that every lawyer ever told us. Right? But that doesn’t mean anything because the regular concurrent read something and say, “huh, you see you did not do this or it didn’t do it properly or you didn’t file an amendment or you didn’t do something three years later”. So, and again, we’re trying to be as compliant as we can.

We have an internal compliance department, there are four people there and they just sit on that and make sure that everything we do is compliant. Again, unlike a lot of other people that try to copy us who operate overseas, offshore and do not follow any of these loans, right? So if you follow our app or website, you will see, we say we can, we don’t do this in this state, we don’t do this in this country. You can’t use our service here and there. If you don’t see any of those restrictions, that tells you that this other company or companies are not following the laws, right? Because how can it be that Celsius is blocking Japan. But this other company, for example, is allowing services in Japan, so these are things that raise red flags because when these guys are going to get shut down, because obviously they’re breaking laws and your coins are going to be at risk.

26. (49:55) Who do you see as Celsius Network’s main competitors?

AM:

So our main competitors are the banks, right? Because if you think of the billions of people, that again give their money for free, right? For example, I get my paycheck, I deposited, we worked with Wells Fargo, I deposited with Wells Fargo and then Kristen uses her credit card to charge her Wells Fargo credit card. It’s not that Wells Fargo gives her the money. I gave her the money, it’s my money that Wells Fargo lent to her instantly. The second it hit the bank, it instantly gets lent out to borrowers on the other side of its credit-card. So I get nothing. I get zero for Wells Fargo. Yes. I say bad things about banks every day. Zero, nothing. Nada. Okay. And they turned around and they charged Kristin 24% a year on her credit card. They keep 100% of that. You get nothing. You get nothing. You did all the work, you created the money, you earned it. They’re just a broker who introduced you to Kristen and they get to keep all that money.

Right? So just in the United States, just in the last 12 months, Americans paid $460 billion in interest to the banks. They got almost zero. The average interest rate in the United States is less than 1%. So do you want to continue that system? Because every time you deposit money in the bank, every time you use your credit card, you are empowering the middleman.

So we are offering a system that bypasses them. It replaces the bank, unbank yourself replaces the bank with a proper service that acts in your best interests. So when you lend to Kristen, she’s dumping 9% and you’re going to earn 7% out of that. You can get 7% on your money automatically. You don’t have to the paperwork, you don’t have to move into your savings account, you don’t have to do anything. Right. That’s the beauty of this network is that we charge Kristen a third of what the Wells Fargo charges her.

And you get to pick, you get to earn a hundred times more than what the bank gives you. So you decide if this is acting in your best interest or not acting in your best interest. So a lot of people come to me and say, “Alex, come on, maybe you’re one to fight against the phone companies. But there were no banks. The banks are the most powerful and profitable companies in the world. They already have all the money. How are you going to win against the banks? Okay? Aren’t you afraid for your life? You know?” So it’s very simple. The piece that everybody misses and you get to hear it first, is called fractional reserves. You see when Wells Fargo takes your deposit and they lend it to her. They keep 10% and they land 90% and when she deposited in her bank, that bank gets 90% that’s called fractional reserve.

So they basically create money out of money and they usually do 10 20 even 50 times leverage meaning for every dollar they have, they lend out $50 right there. So when you withdraw $1, then you have to collapse or call back $50 that’s where the leverage is. When you withdraw, when you stop the depositing your money with the bank, the pain for the bank is 10 times, 20 times, 50 times greater than you think. You think your missing thousand dollars is not going to have an impact. But the reality is just like we left the phone companies, we all left AT&T and we stuck using the new Skype or WhatsApp and every other VoIP service, right? They lost one customer. But when you leave the bank, they lose 50 customers. They don’t lose one customer because of the fractional reserve because they’re fully leveraged because there’s more debt than more liquids in the system than ever before. So right now, anyone who leaves the bank inflicts the most pain in history that you can inflict on the bank. And that is a secret to the crypto community success. This is how we’re winning against the banks.

27. (54:06) Is Celsius Network moving to Wyoming?

AM:

I love Wyoming. I mean it’s just the fresh air, the Plains, the mountains. And after we have 100 million users, maybe.

28. (54:23) When can we: 1. Buy crypto directly from app and 2. Have a fiat on-ramp to the app (i want to stop using CoinBase)

AM:

Fiat on-ramp is coming before January 1st believe it or not. And you can today borrow any crypto against any crypto in the app. Just try it out. You can deposit Bitcoin with your Etherium, deposit Bitcoin with stable coins and so on and so on. We are the only people that do that and we’re going to be adding more and more coins around that, right? So we also raise the limit. Used to be 20,000 per day. Now it’s 50,000 per day automatically, right? If you want to withdraw more than that, you can withdraw 10 million, no restrictions and deposit 10 million in the morning and withdraw 10 million in the afternoon, we just do additional verification. We want to make sure that you didn’t get hacked, that your phone wasn’t stolen, that you’re not sitting in a tied chair and somebody is demanding that you give them all your coins, right? All these things are protection that we provide to make sure, try to ask your smart contractor to do that and then let’s see how that works, right?

So all these extra level of protection, Bitgo, plus all the other stuff we’re doing, farm logs plus verification, right? The video verification that makes sure that you’re moving, not just created a fake picture with you from today’s newspaper and so on. So these are things that are acting in your best interest because I know everybody thinks that it’s not through keys so It’s not your Bitcoin. We’re not going to bring in the next 7 billion people into crypto if we require everybody to be a pro at managing their own keys. I think frankly, we ran out of people that know how to manage their keys. So our solution is designed for the next hundred million people, we’re not trying to replace the people that believe they should hold their keys with Celsius. We’re trying to bring a very good reason, very important reason for the rest of the world to come and join us because right now, many people think we’re crazy. They look at us and they say, “what is your money in some chain and it’s numbers in the cloud and there’s like all kinds of mining and miners who are running around and enforcing it and validating it then it makes no sense whatsoever”. Right? So if I explained to you how real money works, that makes even less sense than anything in crypto. Okay, so frankly crypto is sanity compared to the insanity that’s going on with the fed and the ECB and all these other guys that are printing, creating money out of nowhere, creating trillion-dollar deficits every year and think that we could just kick the can down the road, but nothing happens. Guess what? All they’re doing, the fed and the ECB are overreaching with their hand into the future and stealing from our children and grandchildren because all this debt that is created is going to come due and it’s all going to be paid by our kids or our grandkids.

29. (57:12) Does Celsius want to be a bank? Will it offer checking and savings accounts…

AM:

Do we want to be a bank? That’s why it says UN-bank. If we wanted it to be a bank, it would say, bank. Right? UN-bank yourself. A bank is a bad institution. It’s a broken institution. The whole idea of banking is 700 years old. If I brought you a 700-year-old sausage, would you eat it? That’s what a bank is. Okay, so we want to replace this with the 21st-century financial system that acts in your best interest, that is fully transparent, that has no leverage, that does not allow debt. That is deflationary. Yes, deflationary is good. It’s good for you. It’s bad for the government

30. (58:00) If Alex dies, are we screwed?

AM:

I have a clone. It’s sitting and waiting for me. If anyone kills me, the clone jumps in and takes over. Seriously. Look, the whole point is that Celsius now has about 65 people. It’s not about me, right? I mean we have the rest of our community and the rest of our people are just as passionate as I am about this and frankly you don’t need me . You can do everything I just described in this network without me. Right? The point is our success or failure has nothing to do with me being around. It’s all has to do with how many people join the network and how much do they do in the Basel and kit, we continue earning yield for it because as long as we perform these functions, more people will join and eventually they will force the banks to pay us fair value as well. Right? Just like the phone company no longer charges you for long-distance, how did that happen? It’s not because AT&T loves you. It’s because AT&T had no choice. They lost all their customers.

31. (59:10) ​How are you going to counteract people earning interest in CEL, getting higher rates of interest, and then just selling it all on market the next day?

AM:

Higher interest in CEL, people are selling it. So we published the HODL ratio. The HODL ratio for CEL is how many coins did we buy versus how many were withdrawn from the wallets, right? So if we bought whatever, 12 or 13 or 15 million tokens and only 1 million will withdraw, that’s a 90% to 93% HODL ratio. That is the ratio between the people that are selling their tokens and the people that are holding their tokens. So today there’s a very high HODL ratio. The problem we have is that we just don’t have enough users. If we had 10 times as many users, the price of CEL will be increasing much faster. So we, as I said at the beginning of this interview or AMA, we’ve added close to 10,000 users in the last month. That is double what we used to add before. So there’s a big acceleration. You can see that in the App already.

You can see how many KYCs are added every day. So you can see that acceleration, that acceleration should also translate most of these users, I would say 80% of these users are not from the United States. Right? So you should see also an acceleration in the demand for CEL and we are also introducing a community buyback, meaning we are going to buy additional CEL tokens, not just what we need for the purchase of CEL every weekend, but we going to be buying additional amounts. We’re publishing the wallets we’re publishing the amounts, so probably over the next three months, we’re going to be buying an additional 10 BTC and 600 ETH worth of CEL token. Okay. We’re going to be publishing the programs, the administrative program. It’s an external administrator that actually does that for us and they will be, you’ll be able to audit all of that and you’ll be able to see where these tokens booked and on what exchange, at what price were they, how much is still in the Celsius wallet and how many of them were withdrawn. Full transparency. So you can basically do the math on deposits, earnings, right? Interest, income and the reverse. What happens to the CEL token, how many of them are being bought, how many are being sold at the market. The issue with the price of CEL has nothing to do with people selling. People who earn in CEL token sell it. We had a big ICO user who had a lot of CEL tokens and for whatever reason, they decided to sell. They have another a million to two CEL tokens that they need to sell and I hope that after that we will see the end of the selling pressure. Also, the price of CEL right now, because the CEL orders are all Bit to ETH — It’s a fixed price on ETH, but when ETH goes down, the price of CEL goes down, so when that is finished we’ll see a separation of the price of CEL and the price of ETH.

32. (62:20) Will you run for president?

AM:

I wasn’t born in the United States so I cannot run for president. I can run for president of the coffee shop but eh. No, I am here. I’m not a politician. I hate politics. I don’t think you can solve any of the things I just talked about through politics. The only way we solve this is if we do something for ourselves. The only way we solve it is if we bring 100 million of our friends and family to this community because we believe in it and they need to believe in it. If they believe that we are doing it in their best interest, they will join. No politician and no businessman is going to do it for you because no one cares about you. If you think anyone out there wakes up in the morning and try to work for you, you’re wrong. You have to work for it and you have to decide who is acting in your best interest and empower those people. Instead of empowering people who steal from you every day. These guys, the banks.

33. (63:22) Why does Celsius Network only have a mobile App, and not also a desktop version?

AM:

Does Uber need a desktop version? Anyone here would vote for an Uber desktop version today? Today money’s dynamic. Money’s with you 24 hours a day. All you need is your phone and you can manage all your money. So we want to concentrate all of our development efforts into one or two products. We do best, we do better than anyone else on the planet and that’s what Celsius is today. We don’t want to dilute that with being an exchange or running a website or doing other things that are not in your best interest if any. The only reason to do all those things, it’s to try to collect fees from you. And as you know, we don’t charge any fees. We don’t plan to charge any fees.

34. (64:10) Are there any company acquisitions in Celsius’ future roadmap?

AM:

Yes, we already bought one company. Now it’s about a year ago. We’re looking at a few more. And when we see a team that has the same spirit, the same passion, that wants to make the world a better place, that wants to do good and only do well after they do good. These are the people we want to work with. These, the people we want to partner with. So if you have any suggestions or if you think you should be part of the Celsius Network, just email me. Alex@celsius.network. Pretty easy.

35. (64:50) Would we put an exchange functionality inside the App?

AM:

Uh, let’s see. I could predict the next question. No, we will not be putting exchange functionality inside the App because the only reason to allow you to exchange is if you are not a HODLer. Celsius is a HODLer community. Our people mostly do not transact. That’s where we make sure it says HODL in very large letters, right? Our job is to convince you not to sell. We give you loans so you don’t sell. We help you earn interest. You don’t sell it, right? We give you CEL so you don’t sell, right? So if you are selling your tokens or coins, that means you do not believe in the mission or you are here just for speculative reasons, which is fine. But that means you could probably be loaning on an exchange where most people are speculative. Most people are just trading all day long.

So we don’t want to give you the temptation. We want to basically create a garden that protects your assets. It’s a nest egg. It’s earning interest. You shouldn’t be touching it, right? And you should be depositing more and more and earning more and more until comes a day where you’re earning enough that you don’t have to work anymore. We have customers who have paid their entire mortgage just from their Celsius interest. That should be you. Right? But they trust us more than others. Right? Because they choose to give us more on deposit and they’re earning more. So that is the dream. The dream is for all of you is that your money earns money. Instead of you having to go out, most of us work in a job, we don’t like, like most of us don’t work in Celsius. We just love to wake up in the morning and make the world a better place. So if you work in a job you don’t like, you have to solve that problem. The best way to solve that problem is to have your money earn money so you can go get another job.

36. (66:48) Why do you require so much personal information like social security number?

AM:

So, the only reason we ask so many questions and specifically where do you live and social security and things like that is to be compliant. You asked me before those questions before about are we compliant, are we regulated, are we following all the rules? And this is a very good example, right, of why. For example, we have to report to the IRS through attendant form 1099 how much interest we gave you if you’re a US resident, a US citizen. So to follow that rule, we have to ask you for your social security because on that form you have to fill out that information. If you’re a foreign citizen, then we don’t have to ask you that information when we don’t, we have not tried to collect any information on you or use that information. We don’t sell any information to anybody else. We don’t allow anybody else to access that information.

The only reason we do that is either for tax reason or compliance reasons, right? Then we guard that everything is encrypted. All of that is guarded with several layers of security. I used to be in the Israeli military. I was in counterintelligence. The entire team here comes from the best units in the military. Our job was to protect the country that is being attacked by everybody every day. We had the best hackers in the world try to break in. So our job and job number one is to make sure we can at all times return your coins to you. That is our job, our job and job number two is to remember job number one.

37. (68:30) What will Celsius look like in 5 years?

AM:

In five years we’re going to have 100 million users. That’s, that’s exactly the day. The five year anniversary is 100 million. Look, we, we, we don’t plan to do much more. It’s not like we’re going to have 50 services in five years. My, if I could just, if you could tell me, look, in five years you’re just going to have two services, you’re going to earn interest and you’re going to issue loans and you’re going to have 100 million users. I’m willing to sign off right now. We will not do anything else. So our job is not to add more and more and more. Our job is to make it easier and easier and easier to earn. Easier and easier and easier to get a loan, and easier and easier and easier for you to have your assets in a safe environment that is not correlated to the us dollar, right? I’m afraid of the USD. I’m afraid of what will happen to our economy and our and our assets if we have to pay back $127 trillion. Yes, 127 trillion of debt plus unfunded liabilities, right? So that is, that is what I’m afraid of and I’m trying to create a safe environment for all of you where you can store that value. Some of that value, at least five or 10% of its worth, in case doomsday shows up and in the meantime also earn interest in all of that.

38. (69:55) If Bitcoin crashes to $3000 what would that mean for Celsius?

AM:

So Bitcoin already crashed to $3,000. When we started Celsius, Bitcoin was at 14,000 it went down all the way to 3,500 and then he went back to 20th. We already tested Celsius network under all conditions, again and again and again. Again, remember, we’re not long Bitcoin, short Bitcoin. It’s not like we’re making our money by creating a leverage position or taking risks or whatever. All we do is just lend coins, right? So when there is volatility, when prices go up and down very quickly, there is higher demand, meaning you’re going to earn more. So in a way, even though the price of Bitcoin may be going down, you actually earn more, again, celsius.com has an excellent chart that shows you the history of how much Celsius paid over the last two years. It shows you week by week, month by month, how much we paid in BTC, in ETH and so on. And you can see that the Celsius chart of earning is non-correlated and it’s the opposite of what’s happening to Bitcoin. So when there’s a lot of volatility in Bitcoin, we actually are more when there’s no volatility, but the price was stagnated at 4,000 or whatever we earn less, right? Because there was less demand for loans, less demand for borrowing. So eh, again, you want what you want. What investors dream about are non-correlated ways to grow money on their money. And that’s what Celsius delivers here.

39. (71:34) What do you look for in a job candidate?

AM:

I’m looking for your passion for our mission. That’s all that matters. If you have passion, if you really believe in this and you know something better than all of us at Celsius… you have to know at least one thing better than all of us. Either it’s a marketing or it’s math or it’s finance or any of the areas that we have inside the company because that’s how we improve or increase the talent pool of the company. So you have to have the passion and you have to know something. You know, half of our company are women, at least three, of our women who have to vote for you and say, okay, this person is great. You know, he should join the team from a cultural stand, right? So getting three votes, three out of the 25.

40. (72:26) People are asking about New York.

AM:

New York! I love New York, I live in New York. We’re launching in New York next week! I just spilt the beans. So if you want to be a beta participant, uh, email Kristen, now you can even send it to me. Alex@celsius.network, and we’ll add you to the beta program. Again, this is for residents of New York State. You have to have a New York driving license, uh, you live in New York and you want to deposit or take a loan. Those are the things that will put you on the program. And the general launch is probably in January. So if you don’t want to do the beta, you’re going to wait and wait for the next version to come out. So, we’re running out of power. Next question.

41. (73:26) What are the milestones Celsius Network is looking to hit?

AM:

Right, so we just announce, $4.25 billion in loans, right? That’s more than all the other guys put together. How can it be? There’s a lot of frauds out there about Celsius. How can it be? How can these guys do so much better than everybody else? That came out of nowhere? They didn’t exist two years ago? Look, all of the success is due to all of you. It has nothing to do with us. All we decided to do is give you 80% of that, right? All of you, 57,000 of you who decided to trust us, decided to empower all this program. Who decided that to enable us to do this for you, for your children are the ones who get all the credit for the success of Celsius. Right? So, but the job isn’t done right. I mean, we’re not even halfway there. If we want to change the system again, we need to bring many, many more people into this platform and we need to enable them to benefit from the same benefits you are benefiting from. We created these features inside the system. You can use your codes, promotional codes in your profile. You earn money, the people you bring in, earn money, you can use CelPay, to send some of your coins to say thank you and sell Bitcoin or ETH to anyone on the planet, anyone who has an SMS or WhatsApp or an email, you can use any of those services. Try now. Right. It’s right on the main menu. You just hit CelPay and you send a gift to somebody. We’re about to hit the gift season, so there’s no better gift than saying thank you to your family, to friends with a few Sitoshis or to CEL tokens.

Thank you very much. Again, we have several hundred of you come and participate with us and share this link. Let’s share in the love, let’s educate everybody. That’s the only thing that I can ask from you. Then you go out and bring more people into the crypto community. The success of this community is only based on what you talk about and think Thanksgiving and New Years, right? That’s what this is all about. If you convince other people that this is in their best interest and we grow the community, the prices of all the coins are going to rise. If we don’t convince anybody and people leave the community because they ran out of patience or they bought coins of $20,000 and now they’re at $8,000 or whatever, the prices of all of our coins are going to go down, right? Because the price of all of these, the price of Bitcoin, the price of Ethereum is an indication of the trust of the community, of the crypto and the community. All of us vote on the price every day, by they’re buying or selling our coins. Thank you very much. And if you have any suggestions, anything we can do better, email it to us. Come visit us. We’re in New York, in Manhattan, 43 West 23rd Street, sixth floor. We’re here every day. We’d love to come and see you and talk to you about it, about how we can make the service better. Take care.

About Celsius Network

Celsius Network is a democratized interest income and lending platform accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the community, Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions. Crypto holders can earn interest by transferring their coins to their Celsius Wallet and borrow USD against their crypto collateral at interest rates as low as 4.95% APR.

Download the Celsius Network app and start earning interest on your crypto today ➡️ celsiusnetwork.app.link

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