The initial coin offering (ICO) boom birthed its fair share of ghost ships. So far, it appears the lending startup Celsius certainly isn’t among them.
The New York-based startup raised $50 million worth of crypto in May 2018 through an ICO, selling CEL tokens that borrowers could choose to earn as interest. Since then, according to CEO Alex Mashinsky, 10,415 Celsius users, some of which have taken out fiat loans by locking up crypto collateral. The mobile app accepts bitcoin, DAI and 18 other crypto assets, and loan volume has surged.
The custody provider BitGo confirmed to CoinDesk it has received more than $1 billion worth of crypto deposits from Celsius over the past year. “Our job is to maximize the return as much as possible, the yield, and we do that by lending out the [deposited] coins,” Mashinsky said. “Half of our business is with exchanges and the other half is with hedge funds that use them to create markets, arbitrage or different purposes.” Mashinsky mentioned Polychain Capital, which did not respond to requests for comment, as one of its partners.
Binance is yet another loan partner, according to Mashinsky, despite the Malta-based exchange offering its own competing loan product. He conceded such loans are overcollateralized to varying degrees, rather than strictly the 150 percent touted on its website. “We lend to different institutions based on different rates,” Mashinsky said. “The rate at which we lend out has to do with the quality of the institution."
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The Chinese central bank has a new digital currency chief who says its upcoming digital yuan has features not offered by Facebook Libra.
Changchun Mu – previously deputy director of the payments and settlement division at the People’s Bank of China (PBoC) – recently stepped into the lead role at the Digital Currency Research Institute, reports Shanghai Securities News.
According to the state-run news source, Mu recently published details on PBoC’s digital currency – apparently being carried out in a secret office away from the bank’s Beijing headquarters – describing it as a digital currency and electronic payment tool with “value characteristics.” “Its functional attributes are exactly the same as paper money, but it is just a digital form,” Mu said.
Perhaps most notably, he set out some of the digital currency’s technical aspects, and compared it with Facebook’s Libra.
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#business #money #forex #digitalcurrency #businessman #blockchain #banking #motivation
Ethereum Tokens to Trade on Swiss Stock Exchange via R3 Tech.
Public blockchain tokens will soon be trading on a major securities exchange.
Swiss security token firm BlockState plans to “passport” half a dozen ERC-20 tokens from ethereum, the second-largest public blockchain, to Corda, the private distributed ledger technology (DLT) platform developed by R3.
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With the long-awaited Libra white paper, Facebook is showing off its blockchain smarts, and making a bid for crypto credibility.
Released Tuesday morning, the 29-page paper describes a protocol designed to evolve as it powers a new global currency. More than a year in the making, the document opens by trumpeting the new blockchain’s ambitious goal: “The Libra Blockchain is a decentralized, programmable database designed to support a low-volatility cryptocurrency that will have the ability to serve as an efficient medium of exchange for billions of people around the world.” #facebook #facebooknews #news #business #trading #forex #marketing #bitcoin #crypto #cryptomeme
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