Celsius Wallet is a subsidiary of Celsius Network, a cryptocurrency lending platform.
The celsius network was founded in 2017 by Alex Mashinsky, and currently has over one million users while managing investors’ assets worth more than twenty billion dollars.
The celsius network controls and manages various arms in its scope, cryptocurrency, other digital currency, and products, blockchain, wallets, tokens, venture capital, Fintech among others.
Celsius is unique in its service offering as in its core value statement it is stipulated that their services must first and foremost be beneficial to their customers before anything else.
Hence, even transfer from the wallet doesn’t attract any underlying fees. Rather the users make money from saving on the platform.
Celsius wallet is accessed through a mobile app, for both Android and iOS phones. The wallet is built to meet the financial needs of its users, enabling people to earn interest on cryptocurrencies saved in their wallets and also giving them loans when they need them.
However to have access to these loans one must be using a celsius wallet to hold cryptocurrencies at an interest rate of one percent APR only.
So instead of selling off cryptocurrency when you don’t want to, it is used as collateral.
Apart from borrowing, one can also lend either cryptocurrency or fiat to other users in exchange for interests from the celsius wallet.
However, the risk for such a transaction is borne by the users.
The interests on the loan are paid every month and at the end of the loan duration, the full loan amount is repaid. The minimum loan duration is six months.
Celsius wallet also gives loans to financial institutions like hedge funds and ensures that every loan given out is backed by collateral.
These loan offerings are however not accessible from all locations.
Also, there are rewards as a celsius wallet user. This is even increased if one chooses to receive rewards in Cel tokens which is the celsius wallet’s currency.
Due to the decentral blockchain technology used to run celsius wallets, transactions are transparent as everyone sees the information stored in the block hence it cannot be manipulated.
Celsius brings the transparency of decentralized finance to a central company. Transparency is a critical part of its mission. As they share transaction information with their community through the blockchain
To further ensure safety, the Celsius wallet uses a chainalysis reactor as its investigative tool to verify assets on Celsius.
Opening a Celsius Wallet
There are requirements to be met and information to be provided before one can successfully operate a celsius wallet. Some of them include Full name, age, and other personal information.
Other requirements are only users from eighteen years will be granted access to the wallet, a valid email address, and most importantly must pass the Know your Customer (KYC) inquiry.
This KYC inquiry conducted by a top-notch technology company based in the UK involves the submission of a valid Identity card and a residential address.
Only after this verification process can one use the celsius wallet to store, transfer and accept cryptocurrencies.
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