Crypto companies come in all shapes and sizes and hold guiding philosophies as varied as the colors of the rainbow. So in an ecosystem as robust as cryptocurrency, what sets Celsius Network apart from the pack, and why are more and more crypto enthusiasts choosing to join our community over the competition? We think it comes down to our core values and overall mission to put our community’s interests first instead of focusing on extracting maximum profits for the top 1%.
If you’re already a Celsius user looking for more information about our business model, or if you’re curious about why our community-driven approach has attracted so many in the industry, then you’re in the right place. Join us as we discuss how Celsius is truly different and, in many ways, stands alone in the cryptocurrency world with insights from our community, our team members, and our CEO Alex Mashinsky..
Celsius: Unlike Any Other Crypto Startup
From the earliest days of the ICO boom to today, many crypto companies have already come and gone. The truth is, a huge number of them exist (or existed) for just one reason — to make as much cash as possible, then worry about the consequences later.
When Alex Mashinsky set out to create Celsius Network, he decided early on that a cash-crazed business would be doomed to failure, or have a permanently crippled reputation if it ever got off the ground. Many who follow Celsius know that Alex is no stranger to capitalism and is a self-proclaimed member of the 1%. That being said, one commonality among all of Alex’s eight successful startup ventures including GroundLink, Transit Wireless, and disrupting the phone companies by bringing VOIP to the masses, is that all of these projects began with the intention to build products and services that inherently benefit the community over the shareholders.
In an interview with popular YouTuber Ivan on Tech, Mashinksy described the current market situation, saying: “Most of the other guys are just trying to extract profit.“
This is a problem, because according to Mashinksy: “What’s in the best interest for the community directly contradicts with optimizing profits.”
Instead of following the trend of vying for a quick payday, Mashinsky and his team put in place a philosophy of running Celsius under a not-for-profit business model. In simple terms, that means the goal of Celsius is not to simply get as much money as possible from our user base. Instead, we are committed to giving our community their fair share of the profits generated from their funds, or in other words, we give 80% of our profits back to our community. That’s one of the reasons why earning interest on crypto deposits at Celsius yields a return that is colossally higher than traditional financial institutions (and many other cryptocurrency companies) would ever consider in this day and age.
Not only is this philosophy better for the community, it’s beneficial for Celsius, too. Mashinky explained this by noting: “For us to grow… whoever comes through with delivering value to the community, is going to build something amazing.”
We want to be the ones to build it.
It’s About Giving Back
If you borrow money from a bank, they will charge you upwards of 30% interest for the privilege. On the flipside, depositing your hard-earned money in that same bank will yield you a mere pittance in interest, especially when comparing it to the amount the bank charges you for essentially the same service. We think this greedy business model is shortsighted and destined to die a well-deserved death.
Our users choose to borrow from Celsius because they can see clearly that the interest rates we charge on a loan aren’t that far off from the interest we give on deposits. Instead of pocketing an interest differential of 100x or more, the difference in our deposit and lending rates represents our cost of operations and nothing more. Banks make billions doing hardly more than lending us our own money back, and we think that’s a lousy deal.
Decentralizing money is about more than making a quick return by unfairly stacking the odds against the little guy. According to Mashinsky: “This is all the money in the world. Decentralization and cryptocurrency are going to be 100 times bigger because it touches every dollar, every sort of money on the internet. And that is much bigger than the internet.”
Staying on the Forefront
We here at Celsius are never ones to simply sit on our laurels and wait. We aren’t reactionary. We don’t sit on the sidelines and wait for other big players to make moves and then copy them.
No — we are trailblazers. When we initially launched our service, it supported deposits of just a handful of cryptocurrencies. Today, that list is constantly growing and we now boast a much wider range of assets (18 and counting). We did this not because someone else did it first. We did it because we recognized the need and the opportunity, and we wanted to be the first to have a viable model capable of disrupting centuries worth of unquestioned financial services
Whether you’re brand new to the Celsius party or you’ve been with us from the start, one thing our those who deposit with us know is that we are always moving forward, always growing, and always trying to find new ways to serve in support our loyal user base.
When’s the last time the big banks did a major upgrade that benefited you? It was probably years ago, if your experience is typical. We think waiting around for others to move first, then trying to play catch-up is a fool’s errand. Our users deserve better than that, so that’s what we give them. We give them the future, today.
Discussing where we need to go from here, Mashinksy noted: “We’re already holding the baton. We just need to not drop it.”
Because We Care
Let’s put the numbers and the tech specs aside for a moment. Choosing a company of any kind to work with in the crypto space requires a lot of trust. That kind of trust can take months or even years to build, and it can all be destroyed in less than a second.
Since we first came on the scene, we’ve done everything to demonstrate to the community that we are not just a faceless corporation that doesn’t care about its users. On the contrary, we interact with hundreds and sometimes thousands of users each day through our Telegram chat, our customer support portal, and social networks. We do this because we care about our community.
We think our community chooses us because they feel supported, empowered, and respected. We think they chose us because we earned their trust through our words and our actions.
Why did you choose Celsius? Or if you’re still on the fence, what would make you choose us? Let us know in the comments below.
About Celsius Network
Celsius Network is 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 4.95% APR.
Download the Celsius Network app and start earning interest on your crypto today ➡️ celsiusnetwork.app.link