I’m in Belgrade this week with our development team getting ready for our big release in a few weeks.
In case you missed Alex last week, he was in Las Vegas for the second time in 2 weeks for the Blockshow Americas show where he spoke on a panel, did a keynote and had round #2 of the CryptoBrawl with Nouriel Roubini, a notorious crypto naysayer. Watch the debate if you haven’t already. Also, you can check Alex’s keynote speech, as well as his panel talk, Wall Street vs Crypto: Fighting Back or Embracing New Opportunities?
Today everywhere! How’s some passive income sound? Well anyone who deposited ETH or BTC as of Sunday should have received their very first interest payment by now (make sure you’ve got the most recent version of the app).
We calculate interest daily and pay it out weekly. Since this is the first time we’ve done an interest payment, it will be bigger than usual since we’re paying back all our users retroactively to when they first deposited. Moving forward, users will get paid interest every Monday.
As an example, let’s say you deposited $10,000 worth of ETH, at our current interest rates you would be eligible to receive up to 3.25% interest per year (this comes out to .0625% interest per week). So you would get approximately $325 a year in interest or $6.25 per week.
For now, we’re paying interest in ETH or BTC respectively, once CEL tokens are on an official exchange we will start distributing interest in CEL (for everyone except Americans because of regulatory considerations). The CEL we’ve been purchasing that Alex mentioned in his updates will remain in the wallet address we provided until we start distributing interest in CEL later this fall.
Interest is also being calculated at a flat rate of 3.25% APR for ETH and 3.75% for BTC (next week BTC will be calculated at 5.50% interest due to an increase in demand). After version 2.0 of the app comes out we will start to use a formula based on a 50/25/25 rule where your total interest is a combination of the amount you’ve deposited, the time you’ve been part of the Celsius community and a percentage of how much CEL you’re HODLing. We’ll provide more detail in the coming days with an article deep diving into all of the specifics of how this works.
???When App Update?
App version 2.0
We’re now working on the next version of the app, version 2.0, that will provide the full functionality of providing interest. We wanted to provide interest as soon as possible which is why we soft-launched interest this week before all of the functionality was available in app.
You won’t notice, but we worked with BitGo to upgrade our wallet infrastructure to make it more secure and robust in order for us to scale to the tens and hundreds of thousands of users we intend to acquire in the coming months.
We’re also planning on adding some more features to version 2.0 to make it super easy to send crypto to friends and family without needing to know their wallet address. You can simply text them a link and once they have the Celsius wallet, the crypto you sent will appear in their app.
Our current sprint schedule looks like this:
- Sprint 24 – ends August 29th (QA & testing week)
- Sprint 25 – ends September 5th (Release week)
??? Who is Scott Stornetta?
In case you missed our press release from last week, Dr. Scott Stornetta, co-inventor and of the blockchain has joined Celsius as an advisor. We’re very proud to be the first blockchain company he’s officially joined.
You may not be familiar with Scott, but Satoshi was. He references Scott and his partner’s work 3 different times in his white paper. He’s kind of a big deal.
If you have a minute, you should also be sure to read Alex’s latest commentary on the exchange game and how they take advantage of all the ICOs and their users in order to make massive profit.
???You Guys Rock!
Big thanks to the community for all of your great feedback. We’re doing everything we can to get to market and really appreciate all of your support.
Have a great week CELsians!