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Crypto lender Celsius Network lowers loan minimum

New York-based Celsius Network, a provider of cryptocurrency interest-earning platform, has announced that the company has reduced its minimum loan request to $1,000. The Crypto lender works towards the mission of providing fair and transparent financial services to crypto holders worldwide.

The initiative came in the light of the novel Coronavirus (COVID-19) pandemic. The move intends to allow users to take out loans, giving them the security of cash at hand without having to sell their assets when the market is down. Celsius members can borrow dollars or stablecoins, including USDC, TUSD, USDT, GUSD, and EOS against their digital assets. Annual rates begin at 3.47%, and members can receive discounts by completing their monthly payments in the platform’s native CEL token.

“Since we opened up our lending business, our goal has been to provide loans that are in the best interest of the borrowers with low-interest rates, flexible terms, no fees, and transparent access to a user-friendly platform. This is more important now than ever, with the down market in traditional and crypto finance causing many families to struggle. Through the Celsius Network app, borrowers around the world are now able to apply for a crypto-backed loan for as little $1,000 with rates as low as 3.47%,” said Alex Mashinsky, CEO of Celsius Network.

Founded in 2017, Celsius Network serves consumers globally through its high-interest income and low-cost loans accessible via mobile app. Celsius is a Blockchain-based marketplace platform where membership provides access to curated financial services that are not available through traditional financial institutions. The company has recently partnered with Chainlink for decentralized financial platform.

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