Banking system is broken: Celsius ICO
“By periodically investing in an index fund, the know-nothing investors can outperform most investment professionals” — Warren E. Buffett.
The banking system is broken, says Nuke Goldstein; Co-founder and CTO of Celsius. The Celsius ICO is just about the thing which was long due and is finally here. With the ever-increasing prevalent use and the introduction of new and new cryptocurrencies, the need of a “bank” for the cryptocurrencies does seem like the cherry over the cake. The future of lending and borrowing should manifest itself in a peer to peer decentralized environment on the blockchain. The “monopoly” of the big banks in lending out loans to the borrowers and their obliviousness to the cryptocurrencies and crypto holders is a huge letdown.
The Celsius wallet will be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interests on deposited coins (when they are lent out). Members will be able to borrow USD against their crypto holdings in their wallet which will be used as collateral. They motive to allow anyone who’s in need of cash to easily borrow from the Celsius platform without having to sell their crypto holdings. The ability to take loans in dollars against their cryptocurrency will be available immediately after the CEL tokens are issued. In the future, through the Celsius Network, cryptocurrencies deposited by members into their Celsius Wallet will be available on the network for immediate borrowing and short. Coins that are lent from member wallets will begin to accrue interest in the form of Celsius Degree Tokens (CEL), allowing the members to earn up to 9% annual interest per transaction.
Headed by Alex Mashinsky and Daniel Leon, Celsius has quite a few experienced people who have been in the field of Blockchain technology and cryptocurrency market for quite some time adding to its credit. Founder, Alex is a serial entrepreneur and founder of seven New York City-based startups. He has over 30 patents to his name relating to exchanges, VoIP protocols, messaging and communication and has also been nominated twice by E&Y as the entrepreneur of the year in 2002 & 2011.
CELSIUS is a New York-based fintech start-up which aims to eradicate the problems that the crypto buffs face.
1. Sometimes people just need cash; the obliviousness by the big banks makes it impossible for us to use the coins for lending and borrowing purposes. Celsius’ claims of allowing its members to use their crypto holdings as collateral to secure low-interest loans in dollars.
2. Anyone with cryptocurrency is earning exactly zero interest; by depositing coins on the Celsius Network, crypto asset holders will be able to earn up to 9% interest for their lent coins.
Some insights about the Crowdsale:-
Symbol: CEL
Platform: ERC20
Crowdsale: March 15th, 2018
Presale Token Price: $0.2
Soft Cap: $15,000,000
Tokens for sale: 325,000,000
Accepted Currencies: ETH, BTC & USD
Crowdsale Token Price: $0.3
Hard Cap: $50,000,000
Token Supply: 650,000,000
Ratings based on various parameters:
- Whitepaper, Website, Video: 9+9+5 = 23/30
2. Online Presence (Twitter, Facebook, Telegram, etc.): 10/10
3. Product idea: 10/10
4. Risk: 9/10
5. Team: 9/10
6. Necessity: 10/10
7. Token Sale Participation: 7/10
8. Competition: 10/10
Final Rating: 8.8
Overall, with new and new cryptocurrencies coming to the market of all sorts of different kind and types, there is no way something like Celsius would go unnoticed. As for September 2017, the total cryptocurrency trade has exceeded 4 billion US dollars, and the market capitalization of cryptocurrencies is above 446 billion US dollars. Celsius; built on Ethereum blockchain and Ethereum smart contracts will cater to the ever-increasing development of the E-Commerce industry and demand of various new cryptocurrencies. In all these rustles if someone gives me an option to lend, borrow and gain interest upon my cryptocurrencies and get the money back in dollars, I would not waste any more of the time that I have. Celsius essentially breaks the barrier between the paper-plastic and the silicon money. Such prodigal integration between the two is something that would revolutionize the finance industry. I am intrigued and deem this Crowdsale as a promising one and expect positive returns.
