Cryptocurrencies were created out of the necessity to break away from the traditional banks that have grown over the centuries from being institutes that offered traders and people an easy service to store, send and receive money- to becoming firms that are on a mission of personal profitability.
As banks have evolved, so have their methods of maximizing their profits and giving scraps to people. Economic freedom is a myth in traditional banking and financial systems.
Banking: What is Wrong Today?
People run banks, and they need to make money. Today, these financial institutions are the most significant public fraud. People come to banks to deposit their hard-earned cash in hopes of investing and making profits. The banks take that money and support highly profitable endeavors or offer loans at a much more significant markup. The banks pocket the majority of the profit, and the people who invest in different banking accounts receive peanuts in comparison.
The worst part of all this? The banks not only offer meager profits but also end up charging their customers for different services. It’s your money, but you have to pay an annual fee for your debit cards every time you need a new checkbook or simply wish to make withdrawal exceeding your limits.
Similarly, borrowing money against collateral only gets a small portion. On top of that, the interest charged means a lot of times, and people end up paying back a lot more than they bargained for.
CEL, Financial Freedom for Everyone.
Celsius Network is a crypto platform that wants to unbanked people. Cryptocurrencies are created to forgo banks’ needs, and that is precisely what Celsius is set out to do. The platform offers a complete basic banking system with benefits no legacy setups can match:
- Earn: Maximize earning power by transferring cryptocurrencies to the Celsius app and earn up to 22.4% per annum. There is no minimum limit, no charges, and investors can earn in the invested coin or Celsius’ CEL token.
- Borrow: Need a loan, but banks offer too little and demand a very high interest? Celsius can help people secure loans in minutes, without any time-consuming paperwork or credit rating checks. People can secure loans as low as 1% APR. A $1,000 cash loan means only $10 in interest for a year.
- CELPay: Cryptocurrencies are useful only if people can pay and accept them. The CELPay lets users send and receive crypto payments as easy as texting someone. Users need to open up the Celsius app, select their contact, choose the crypto token they want and amount, add a note to the receiver, and simply send.
CEL, the native cryptocurrency of Celsius Network is rocking hard
Celsius’ popularity is immense. In its equity round in July, the platform exceeded its goal of $17 million, and over 85,000 investors backed the network by $18.8 million. The CEL token has also brushed off the spring 2020 crypto crunch, gaining 800% in value in as little as three months, from mid-March to June.