Tether lends $1 billion to Celsius Network
Key points:
Tether (USDT) is a blockchain-based cryptocurrency backed by the US dollar
Stablecoin with a price pegged to USD $1
USDT is the 5th largest cryptocurrency by market capitalization (over $68 billion)
Celsius Network is a financial platform with the mission: “To put unparalleled economic freedom in the hands of the people.”
Our goal is to allow anyone and everyone to access fair, rewarding, and transparent financial services through the Celsius app and literally hold their own economic freedom in their hands.
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.
The Mission and Values of Celsius Network
Tether was the lead investor in Celsius Network’s funding round in June 2020
Bloomberg's investigation into the stablecoin provider found that Tether had lent billions of dollars to crypto related companies using bitcoin as collateral
