Digital Assets: Celsius Network’s Assets Under Management Up 10X In 2020

January 21, 2021 | Digital Assets, News

Celsius Network is now the second-largest digital asset manager in the world.

Celsius Network announced Wednesday that it holds over $5.3 billion of cryptocurrency assets on a platform that allows consumers to earn crypto rewards and access or lend loans. It said 2020 had been somewhat of a watershed year for growth on many parameters, aided by the substantial growth of the crypto industry itself. (CISION PR Newswire)

Validated crypto assets that grew 10X in 2020

Blockchain analysis company Chainalysis verified in November that Celsius held over $3.3 billion in assets. That gained Celsius the distinction of being the second-largest digital asset manager in the world.

Grayscale Investments is the top digital asset manager. It held $20.2 billion in crypto assets as of end-December 2020. It said in a Q4 report that it began 2020 with $2.0 billion in assets under management (AUM) and ended the year with $20.2 billion. That’s an approximately 10x increase.

Celsius too said in its statement that it grew total assets 10X during 2020.

“As we see record numbers of institutions and retail users entering the space, they are looking for a store of value and yield to protect their assets from the debasement of the US Dollar,” said Alex Mashinsky, CEO of Celsius. “The record number of new dollars being printed by the FED is making the savviest investors in the world allocate assets to bitcoin.”

Celsius also revealed that it holds over 55K bitcoin under management. At today’s rates of $32,624 that trove is valued at over $1.79 billion.

Other growth landmarks

Celsius has notched up more feathers in its cap. It distributed over $200 million in crypto rewards to the Celsius community. More than half of Celsius members elect to receive rewards in the form of CEL tokens weekly.

The platform now has over 340K active users globally. Since November, it notched up more than 125K new users.

It supports as many as 45 different tokens and coins that generate yield for members.

“The crypto industry as a whole grew substantially in 2020,” said Mashinsky. “Celsius is proud to contribute to this growth and to provide many people with yield income on 45 assets they can not find anywhere else.”

“We have seen time and time again that customers choose Celsius for yield and loans because they trust us,” he added.

The platform distributes up to 80% of its revenues back to its community.

Related Story:  Mashinsky’s DeFi Platform Celsius Adds Tokenized Bullion via Tether Gold

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