Celsius Network, a cryptocurrency lending and borrowing platform, announced on Wednesday it is offering borrowers USD and stablecoin loans against their cryptocurrency assets at just 1% APR as part of its COVID-19 relief efforts. The platform also revealed that it has surpassed 100,000 active users.
Celsius reported that borrowers may take advantage of its 1% APR loans by submitting a 12-month USD or stablecoin loan request for $1,000 or more through the platform’s mobile app at 25% LTV. Qualified borrowers can review additional terms and conditions on the Celsius website. Alex Mashinsky, CEO of Celsius Network, further stated:
“Our mission has always been to act in the best interest of the people. Offering unprecedented rates during these unprecedented times is only the latest of our efforts to support the community in the wake of COVID-19. It took us 18 month to get the first 50,000 HODLers and only 6 months to get the next 50,000. They all can get approved for a 1% cash loan today in the Celsius app and pay as little as $10 in total interest for a $1,000 loan.”
As previously reported, Celsius claims it addresses the financial needs of today’s consumers worldwide through a democratized interest income and lending platform accessible via a mobile app.