Official Press Release
Celsius Network partners with Monarch to offer rates of 3-7% on the most popular coins without requiring long-term commitment. That is 5-7x more than banks offer their depositors.
London, February 2019 – Celsius Network, the industry-leading cryptocurrency lending and borrowing platform, announces its partnerships Monarch, the all-inclusive crypto wallet, to offer its users Celsius’ unmatched rates for earning interest on their crypto holdings. This partnership aims to empower the crypto community to stabilize the market by earning passive income simply by holding onto their coins.
Cryptocurrency is stepping in where traditional banking has failed its customers for years. Today, banks give very little interest, dropping as low as 0% in 2008 and rarely topping 1%. Yet banks charge customers up to 35% interest when lending these deposits out via credit cards. Cryptocurrencies turn traditional banking on its head by eliminating banks as toll collectors and middlemen, and greatly reducing these high fees through decentralization of traditional financial structures. However, many crypto service providers have fallen into the same bad practices as banks; many exchanges lend out their users’ coins, and offer no interest in return.
Celsius is changing that. Over the last six months, the Celsius wallet, which pays up to 7% APR paid out weekly on the top 10 coins, has proven itself to be the leading interest-earning platform for cryptocurrency. Now, Celsius is white-labeling its services within the Monarch wallet so crypto holders can earn interest on their assets through a “savings account” feature on Monarch’s platform. This integration will enable users to earn 3-7% in interest, paid out weekly, providing passive income much higher than today’s bank interest rates or other options in the crypto market. Unlike banks or other crypto options, which require lockup periods ranging from six months to one year, Celsius allows any user to access and withdraw their funds at any time. Furthermore, Celsius pays depositors 80% of its revenue and gives individuals more transparent and direct control over how their funds are used.
“Monarch’s mission is to empower people to control all aspects of their finances from the palm of their hand. This partnership is an amazing win for the crypto community,” said Robert Beatles, CEO of Monarch. “We can all agree the current banking system has failed us all. Celsius has honored us in partnership and we look forward to bringing power back to the people, together.”
“Many crypto services lend out their clients’ funds without giving proper notification and distribute significantly lower returns on those funds. This sounds much more like a page out of Wall Street’s playbook than that of a financial system founded on the interest of the people, as the crypto community claims to be. We hope our partnership with Monarch sets a new industry precedent in digital finance. High yield interest-bearing accounts should be the expectation; not the exception,” said Alex Mashinsky, CEO of Celsius Network. “This is what all banks should be providing their customers, if not more. If we band together as a community of HODLers, we can set the tone and demand higher rates. And that, in turn, will stabilize the market.”
This partnership represents the first of many wallets to integrate Celsius’ services in 2019. Celsius’ team is planning on ensuring that all crypto holders can earn interest on their assets through a series of additional wallet collaborations. By providing interest-earning opportunities through Celsius, up-and-coming wallets can gain a competitive advantage against exchanges, cold storage, and industry incumbents.
Celsius Network addresses the financial needs of today’s consumers worldwide through 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.
For additional information please visit www.celsius.network
Alex Mashinsky - Founder & CEO
Daniel Leon - Founding President & COO
Nuke Goldstein - CTO
Samantha McDonald - CFO
Liz Rabban - VP of Global Business Development