In conjunction with the launch of the Celsius Crypto Wallet, we’re excited to introduce the Celsius Token (CEL). After our Token Generation Event, members will be able to use their CEL tokens to secure access to loans in dollars using their crypto as collateral. In the future, members who deposit coins in their Celsius Wallets will also be able to earn CEL Tokens as a reward for lending to the network. We’re designing CEL (ERC20 Token) to be the backbone of the Celsius Network, creating a value-driven lending and borrowing platform for all our members.
The Celsius Token (CEL), at the moment of the Token Generation Event (TGE), will have utilities including:
• the ability to become a member in the Celsius platform and community
• the ability to deposit your cryptocurrencies in the Celsius wallet
• the ability to apply for dollar loans with cryptocurrencies as collateral
• the ability to pay interest on these loans at a discount
In the future, the CEL token will have additional utilities including:
• allowing members to lend cryptocurrencies in order to gain interest
• achieving seniority in the platform which will impact the interest rate gained
• get interest rewards on cryptocurrencies lended
Celsius’ community will continue to grow as more and more people are able to get loans in dollars using their crypto as collateral or as they lend their unused coins as credit to other members. Crypto assets holders can get more CEL tokens the more they loan and borrowers pay less to hedge their positions. As more people join the Celsius ecosystem, the more everyone benefits.
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