Celsius partners with Gemini to bring stablecoin GUSD to its interest-earning wallet
Celsius now offers full integration of Gemini’s stablecoin, GUSD, allowing holders to earn passive income with reduced risk exposure
London, April 2019 — Celsius Network, the industry-leading cryptocurrency lending and borrowing platform, announces its support of Gemini dollar, a stablecoin launched by Gemini Trust LLC, a leading cryptocurrency exchange and custodian . Celsius users can now store the GUSD stablecoin on their secure interest-earning wallets and earn passive income for holding onto their crypto.
Stablecoins, such as Gemini dollar, are cryptocurrencies pegged to a stable asset. Gemini’s GUSD coin is a dollar-backed stablecoin, meaning each GUSD token has the value of one U.S. dollar. The relationship with Gemini will allow Celsius users to use GUSD as collateral when taking out loans, and Celsius will also use GUSD as capital for issuing loans. This integration will enable GUSD-holders to earn up to 7%APR in interest, paid out weekly, on a far less volatile asset than other crypto holdings. At the same time, using stablecoins reduces capital costs, allowing Celsius to offer loans at the lowest rate on the market.
“Celsius’ adoption of the Gemini dollar provides a great opportunity to make passive income on stable crypto assets,” said Alex Mashinsky, CEO of Celsius Network.
“At Celsius, we’re working toward mass adoption of cryptocurrencies by instilling confidence in crypto holders and providing financial services at rates unmatched by any bank or crypto alternative. Stablecoins allow crypto holders to keep their funds in crypto, allowing for frictionless trades, while sidestepping the market’s lows and highs.”
About Celsius Network
Celsius addresses the financial needs of today’s consumers worldwide through 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 4.9% APR.