The Celsius crypto platform claims to offer users the opportunity to earn rewards in addition to interest on their cryptocurrency deposits.
According to the company, users can earn extra money by using its promo codes while transacting on the platform. It offers promotional codes for different cryptocurrencies.
These promotional activities attract the attention of investors. Celsius currently has 37,481 token holders. However, the CEL crypto was down 0.24% at US$3.02 as of 11:30 a.m. ET on Tuesday.
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One must transfer the offered asset to the Celsius platform using a code to earn rewards. Users must make the transfer within 30 days of activating the promotional code.
In a recent announcement, the company said that up to US$600 in LUNA Coins can be won using promo code LUNA600. The minimum transfer amount is 20,000 USD.
The company said this was the highest reward amount for LUNA. It also has offers for AVAX and CEL.
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What is Celsius Cryptography (CEL)?
The Celsius (CEL) platform offers all-in-one banking and financial services, such as loans and wallet payments, for cryptocurrency users. It also offers rewards for depositing cryptocurrency.
Users can deposit cryptocurrency into their Celsius account to earn interest on their holdings.
Celsius said it aims to outperform traditional banks and financial institutions with its financial services offerings. It has over 1.6 million users.
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It claims to offer users higher returns on deposits, easy loan terms, and automated rewards. Interestingly, it claims that it does not charge penalties and fees, unlike traditional banks.
But it’s not completely free. It keeps some of the money on interest payments and returns the rest, around 80%, to users. Like traditional banks, Celsius also lends to institutional entities, including hedge funds. But loans are asset-backed and borrowers must provide more than 100% in the currency they are borrowing.
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Celsius was co-founded by Alex Mashinsky and Daniel Leon in 2017.
Mashinsky has worked in the Internet development field since the 1990s and has 35 patents to his credit. On the other hand, Daniel Leon has experience in early stage start-ups.
Users can also take advantage of the platform’s “Celpay Wallet” to get higher payment value.
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Data source: coinmarketcap.com
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What is a CEL token?
CEL is a native ERC-20 based token of the Celsius platform. It is used for various internal functions, including user payments. The CEL is also tradable outside the platform.
The total supply of the token is 695.6 million and the circulating supply is 238.8 million. Its current market cap is US$722.3 million.
The token volume increased by 43.79% to reach US$4,239,661 in the last 24 hours. Celsius is available for trading on cryptocurrency exchanges Bybit, FTX, OKX, Hotcoin Global, and DigiFinex.
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There are many new crypto products today; some are the enhanced version of existing ones, while others are disruptive, like NFTs. Although blockchain technology has gained traction, products on a blockchain require proper verifications to avoid scams. Thus, investors should do their due diligence before jumping into the cryptocurrency market.
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