I’m back in New York City after a hot and sunny July 4th weekend.
I’ll begin this update by letting everyone know I’ll be doing an AMA again this week. Please join me at 2pm on Friday and bring your questions.
Over the past few weeks we’ve continued to earn interest on our holdings. As of now, we’re not able to start distributing this interest to the community for legal and regulatory reasons so we’re using it to buy CEL on the open market and deposit these CEL tokens in our treasury. So far we’ve bought over 1,100,000 CEL tokens, which are no longer on the market. A reduction in the total CEL in circulation should create a deflationary cycle as demand increases with loans and interest income proceeds.
We are in discussions with half a dozen exchanges which are interested in partnering with us to use Celsius to issue dollar loans and enable customers to borrow BTC & ETH on their exchange. We hope to announce the first one in the next two weeks.
We’re finalizing quite a few partnerships and will line up these announcements to coincide with our launch on a major exchange. We are trying to avoid making low-quality partnerships like so many other ICOs and hope you will appreciate the partners we choose when they’re announced.
One collaboration we do want to talk about today is with BitGo, the same custodian used by Upbit, Ripple, and Bitfinex. We’re officially integrated with them now, along with roughly 50 other top ERC20 tokens. Using BitGo’s API platform, we will soon introduce CEL tokens into our wallet on the Celsius App – Keith will have more info on this next week.
We launched version 1.0 of the app about 10 days ago and have been very happy with the response and feedback we’ve received so far. The development team is working on fixing a lot of minor bugs and Keith will be back next week to talk about what’s coming over the rest of the summer months.
There was quite a bit of lively discussion over the weekend on Telegram asking about our Reg-D filing with the SEC. In section 16 it says “Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments..” We entered an amount of $550,000, this is the amount of seed money I personally loaned out to Celsius to get the project off the ground in the middle of 2017. After the crowdsale these funds were returned to me as part of the money allocated to General & Administrative fees on page 14 of the whitepaper.
If you happen to be at World Blockchain Conference in NJ this Thursday I’ll be speaking at 10:30am EST. Come say hi!
But if you won’t be making that event, don’t forget to join me for my AMA on July 13 at 2:00pm EST (6:00pm UTC).
Have a great week everyone.