Update from CEO Alex Mashinsky

Date: February 4, 2019 / Category: Updates

To our community:

Thank you for trusting Celsius!

We are so proud of all we accomplished in 2018. Celsius Network is one of very few projects to hit all of our milestones, launch a product, and build a community around our core belief that cryptocurrencies are here to make the world a better place. Every day we are working to unite and empower people around the world, and of course, striving to “do good and do well.”

2018 will be remembered as the year that separated the select quality projects from the group of thousands of ICO projects to date. Most coins lost at least 85% of their value and many projects have yet to deliver a working product or even consensus on what their product will do.

Meanwhile, Celsius quietly launched our mobile app in July of 2018, just four months after finishing our ICO in March. Since then we have had over 40,000 app downloads, received the equivalent of over $50m in coin deposits, paid interest as high as 7.1%, and provided over $630m worth of crypto loans to exchanges and hedge funds.

Celsius continues to be the only mobile app in the world that offers interest income on 7 different digital assets. We have consistently paid out interest to all our depositors – for 26 weeks in a row – and saw record payouts in December as our community grew. We continue to add new users every day and see $500k-$1m worth of coin deposits daily.

Unlike most other ICO’s, we decided not to list ourselves too quickly on any exchanges as we thought it was not in the best interest of our community. For CEL token holders around the world, we hope to list Celsius on several major exchanges in the first half of 2019.

One of the most surprising trends we saw during 2018 was the resilience of our HODLer community; despite BTC and ETH losing half of their value during the second half of 2018 we saw 184 out of 191 days in which deposits outnumbered withdrawals. Like you, Celsius was in the market accumulating BTC and ETH almost every day as we collected interest on our loans and distributed that back to our members. In the best interest of our depositors, we have continued to not charge any fees, penalties or hide surprises in complex language. Our growing list of competitors continues to do the opposite, charging their users fees and lining the pockets of their rich investors instead of their members. I guess they just don’t get it. We managed to earn millions for our community without any of these traditional ways of making profits.

We did not liquidate a single loan and we did not have a single default from any of our borrowers. We did not lose a single crypto asset or dollar from all our lending activities in 2018.

I don’t think any other crypto lender can say the same.

We finished off the year with 7 top cryptocurrencies supported in the wallet. We plan to support 7 more before the end of February. We plan to add all major stable coins and POS coins as well as the most popular coins our members hold. How will we do it? We now have 22 full-time developers on our team, more than most projects have in total.

On most days in 2018 we did not have enough coins on deposit to fulfill all of our orders. We plan to do even better in 2019, with a goal of $200M in deposits and over $2B in coins lent. We also aim to provide the highest level of transparency by providing our community all of our stats in real time so you can know what other HODLers are doing, how much is being lent out, and what income we are generating.

We continue to ask ourselves how to bring the next 100 million people into crypto – and the answer stays the same: build something for the people and always act in the best interest of the community.

What we do is always in your best interest and we are probably the only vendor you work with who can look you in the eye and tell you that.

If you missed my posts and presentations during 2018 here is a quick recap: The Crypto 4 man relay race, why Decentralization, what is E=MC2, The Crypto Cambrian explosion, Can Crypto Cross the Chasm, from VOIP to MOIPpower to the peopleP2P , the next 100m users and why CelPay is the future. We also had a few great supporters whom I have to call out, Crypto Crow Jason, Pomp – Anthony Pompliano, Ian Balina AMA, Crypto Love AMA, Nouriel Roubini Milken debate, and Tim Draper.

I believe that we completed 2018 by fulfilling our promises. This year I look forward to exceeding them. As always, we commit to working in the best interest of our community and thinking long term and make choices that benefit this industry as a whole. We can always do better, and as promised we will enable you as a community member to recommend and vote as a community on changes and improvements so we can continue to evolve into the best company we can be.

All these great things are coming in 2019 and we can’t wait to share them with you. Thank you for your continued support and for spreading the word.

Power to the People!

Warmly,
Alex Mashinsky
Founder & CEO, Celsius Network

 


 

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