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Celsius Network Limited has been temporarily registered under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 as a cryptoasset business until 9 July 2021, pending the determination of our application by the UK Financial Conduct Authority (FCA).
Celsius Cryptocurrency (CEL) is an all-in-one banking and financial services platform for cryptocurrency users. Launched in June 2018, it offers rewards for depositing cryptocurrency, along with services such as loans and wallet-style payments.
Users of the platform receive regular payouts and interest on their holdings. Celsius’ native token, CEL, performs a variety of internal functions, including boosting user payouts if used as the payment currency.
Celsius Key Points
The Modern Celsius Scale
The modern Celsius scale is known to be based on the triple point of the Vienna Standard Mean Ocean Water, and also on the concept of absolute zero. This implies that neither the boiling point of water nor the melting point of water defines the modern celsius scale. It can be noted that the differences that arise between the formal definition of the celsius scale and the common definition of the celsius scale can be considered insignificant when it comes to practical settings. It can also be noted that there exists only a difference of 16.1 millikelvins between the modern scales calculation of the boiling point of water when compared to the original scales calculation of the boiling point of water.
What Makes Celsius Unique?
Celsius Cryptocurrency aims to outperform banks at their own game by offering financial services on the kind of terms which traditional financial institutions no longer offer.
These include much higher rates of returns on savings and deposits, much easier and fairer loan requirements and automated rewards computed for each user algorithmically. Penalties and bank-style fees are also waived.
The platform also functions as a wallet via its CelPay feature, and hosts its own CEL token which users can leverage to increase payout value among other things.
As a for-profit company, Celsius takes a cut of profit margins on interest payments, still returning 80% to users themselves. The company also lends to institutional entities such as hedge funds.
Payments are ensured because loans are asset-backed, and any borrower must supply more than 100% of what they borrow in the destination currency.
Who uses Celsius?
Celsius is used in most scientific applications and it is the most widely used temperature scale throughout the world. Celsius makes sense for many scientific applications, because a Celsius degree is the same size as degree Kelvin, another scale favored by scientists, making it easier to work with the units and calculations that use Kelvin.
While the United States and a few territories still uses the Fahrenheit scale, nearly all countries switched over to Celsius in the 1970s as a move to standardize on metric measurement system. Canadian media will often report temperatures in both Fahrenheit and Celsius, particularly in areas close to the border with the United States.
While non-scientists in the United States still favor the Fahrenheit scale, American scientists use the Celsius scale, as they need to share their data with scientists around the world.
A utility token with real rewards
CEL Tokens give you access to higher rates on earnings and lower rates on loans – a win-win if there ever was one. Looking to make an order over $25,000 USD?
Even higher earned rewards
Choose to earn your weekly rewards in CEL tokens and receive up to 30%** more rewards on all deposits of non-CEL coins.
Even lower interest rate loans
If you pay interest on your loans with CEL tokens you will receive up to a 30%* discount on all of your interest payments.
Lower interest rates for institutions
Institutions that borrow coins benefit from paying their interest with CEL, and receive up to a 30% discount on their interest payments
How Is the Celsius Network Secured?
Celsius uses a modified proof-of-stake algorithm for its token, while broader security procedures were outlined in a dedicated presentation in June 2020, still available on the company’s website.
As with any client-orientated wallet, the risk of theft from attacks such as SIM-swapping is present if users themselves do not have adequate protections in place such as two-factor authentication.
Where Can You Buy Celsius (CEL)?
Celsius Cryptocurrency is a publicly-tradable token on major exchanges, with pairs available for cryptocurrencies and stablecoins.
As of October 2020, automated market makers (AMMs) held the lion’s share of trading volume, with popular pairs being for Bitcoin (BTC) and Wrapped Ether (WETH). New to cryptocurrency? Read our easy guide to buying Bitcoin or any other cryptocurrency.