BitGo Confirms over $1.1 Billion worth of Celsius Network Transactions

In our continued commitment to transparency, we reached out to our friends at BitGo — the official custodian for Celsius Network.

Aug 16 · 4 min read

Celsius Network was founded with the commitment to always act in the best interest of our community, and we made transparency an essential component to establishing trust and reliability with our members, partners, and everyone else operating in this industry. As we work to provide a full, publicly-accessible blockchain-based audit of our operations, there are currently a number of ways anyone can dig deeper into the inner workings of the Celsius Network.

One of the best resources for transparent Celsius Network insights is through the community page of the Celsius Network app. Here, members can review live numbers and analytics updated in real-time including the number of active users, the total amount of assets under management, how much interest income has been paid out to our depositors, and tons of other informative and interesting statistics regarding the Celsius community.

Anyone can learn more about the Celsius business model through our weekly blog updates, which often provide clear and detailed explanations about the different components of Celsius Network. We have also recently published our public wallet address that breaks down our weekly CEL token transactions from exchanges to interest income distribution. This also allows anyone to calculate how many CEL tokens were purchased, at what price they were bought, and how many such CEL tokens are being withdrawn vs. HODLed by the CEL community. Currently, over 94% of CEL token holders have maintained or grown their CEL balance, which is another great way to gage the trust and retention inside the Celsius community.

And although these resources don’t yet provide 100% transparency, we are proud to offer the best tools in the industry — and far better than any tools a bank is able to provide — for anyone to get a behind-the-scenes look of our operations.

In our continued commitment to transparency, we reached out to our friends at BitGo — the official custodian for Celsius Network. BitGo is recognized as one of the most secure and trustworthy crypto custodians and has proved to be an essential part of building trust with our customers. Mike Belshe, the CEO of BitGo, was happy to provide us with an official response to present to our community which helps validate and confirm many of the numbers and statistics we celebrate each day at Celsius.

“By leveraging BitGo’s enterprise multi-sig solution, Celsius Network has transacted over $1.1 B of assets within the last 12 months. We are proud to be working with one of the leading digital asset companies in the space.”

Celsius recently issued a press release celebrating its record $2.2B in loans half of which were done on exchanges which do not go through Bitgo.

As we continue to grow and reach new milestones, we aim to provide even greater transparency into all aspects of our operations. You can send us your suggestions and comments to app@celsius.network, and stay up-to-date on all the latest Celsius Network happenings by following us on Twitter, liking us on Facebook, and subscribing to our weekly newsletter updates.


About Celsius Network

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.

Download the Celsius Network app and start earning interest on your crypto today ➡️ celsiusnetwork.app.link

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A new way to earn, borrow, and pay on the blockchain.

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