Overview

  • Country United Kingdom
  • CategoryFinance/ Peer to Peer Lending

Celsius is a new global P2P financial platform that will seamlessly connects holders of crypto-assets with borrowers.

Project stage

Beta version

Detailed description

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 interest on deposited coins (when they’re lent out). Members will be able to borrow USD against their crypto holdings in their wallet which will be used as collateral. 

Main goal is 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 your cryptocurrency will be available immediately after the Celsius 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 shorting. Coins that are lent from member wallets will begin to accrue interest in the form of Celsius Tokens (CEL), allowing members to earn up to 9% annual interest per transaction.

Problem

Sometimes You Just Need Cash
Members may be holding crypto, but now they need to buy a car or pay down expensive credit card debt. Unfortunately, most car dealerships or banks still don’t want cryptocurrency.

Wallets Without Interest, Nobody Wins
Anyone with cryptocurrency sitting in cold storage or on some exchange or wallet, is earning exactly zero interest. We believe there should be a way for crypto holders to HODL coins while still leveraging their crypto assets and helping other crypto holders.

The 99% Not The 1%
Most financial institutions still don’t get cryptocurrency. They want to short the market because they’re blinded by being so late to the party on this one. Right now, there’s no good place for them to go to bet against the cryptocurrency market other than expensive futures markets like the CME and centralized exchanges.

Solution

Crypto Collateral = Cash in Hand
Making borrowing cash a whole lot easier. Celsius’ goal is to allow its members to use their crypto holdings as collateral in order to secure low interest loans in dollars. Rather than selling their crypto (pay taxes and forfeit potential future gains), with Celsius they can leverage their cryptocurrency to borrow the cash they need today, while still maintaining their crypto portfolio for future value. 

Crypto Interest
By depositing coins on the Celsius Network, crypto asset holders will be able to earn up to 9% interest for their lent coins. Offering a large array of lending options, from one-day to one-year contracts, all with highly competitive interest rates is planned. With Celsius, members will be able to easily earn interest on their crypto assets the same way they earn on the savings in the bank - but with much better rates.

Sure, Go ahead and Short
Hedge funds, family offices and crypto funds still want to play in the world of cryptocurrency. Fortunately for us, they are willing to pay high fees to do so, so many of them want to short the market. After the Token Generation Event is completed, we will begin working on our platform that will allow us to make the most of their greed by taking up to 50% cash deposits and charging them interest when they hedge. 

Features

Crypto Collateral
Members will be able to borrow USD against their crypto holdings in their wallet which will be used as collateral. Our goal is 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 your cryptocurrency will be available immediately after the Celsius tokens are issued.

Crypto Interest
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 shorting. Coins that are lent from member wallets will begin to accrue interest in the form of Celsius Tokens (CEL), allowing members to earn up to 9% annual interest per transaction.

Show details

Additional links

  • Token details

    • Token symbol ? Token symbol — a shorten token name. It is used during an ICO and after the coin listing at the cryptocurrency exchanges. : CEL
    • Fundrasing target ? Fundraising target — the maximum amount of funds to be raised during an ICO. When it is reached, the developers stop selling the tokens because they do not need to raise more money for the project development. : 50,000,000 USD
    • Token type ? Token type — a platform for a startup launch that influences the stability of blockchain operation, the speed of transactions and the fees. :Ethereum (ERC20)
    • Soft cap ? Soft cap — the minimum amount of funds to be raised for the project development. Sometimes when the soft cap has not been reached, the money is returned to the participants. :15,000,000 USD
    • Role of token ? Role of Token — type of token depending on the opportunities it offers to its owner. Utility tokens give their owners a right to use the project services, security tokens are aimed at bringing profit, and currency tokens are a money substitute. :Utility token
    • Total supply ? Total supply — a total amount of tokens that will be released by the developers. :650,000,000 CEL
    • Escrow agent ? Escrow agent — a qualified agent who has the right of signature in a multisig wallet. An escrow agent participates in an ICO, monitors the financial operations of the developers and confirms their fairness. :No
    • Tokens for sale ? Tokens for sale — the number of tokens offered to the participants of an ICO. :325,000,000 CEL
    • Whitelist ? Whitelist — a list of participants, who get an opportunity to buy tokens. To be whitelisted, you need to register on time because the number of participants and the registration period are usually limited. :Whitelist Closed
    • Additional emission ? Additional emission — an additional release of tokens. It can be done once after the crowd sale or on an ongoing basis. In the projects with a limited emission there is no additional emission. :No
    • Exchange listing ? Exchange listing — an assumed date when the token will be listed at a cryptocurrency exchange. The developers usually indicate it in a roadmap and a white paper. :NA
    • Accepting currencies ? Accepting currencies — cryptocurrencies and fiat currencies that can be used for buying the project tokens. :BTC, ETH, USD,
    • Can't participate ? Can't participate — the countries where it is prohibited to buy tokens. These can be countries where ICOs are prohibited altogether, or countries that have the requirements that a particular project does not meet. :USA,
    • Know Your Customer (KYC) ? Know Your Customer — a verification procedure for ICO participants, during which the developers can ask for personal data, a photo and a scanned copy of a passport of a potential investor. :Yes
    Get details
  • Token and Funds Distribution

    Token distribution date

    Within a few weeks of the closing of the crowdsale. All tokens will be distributed to all participants within a window of 12 hours, except for bonus tokens which will be locked up for 6 months.

    Unsold tokens

    NA
      • Token Distribution

          Vesting notes

          • Team: 6 months
        • Funds Distribution

      Sale schedule

      Round Token Price Bonus Min / Max Purchase Soft Cap Hard Cap
      Public sale — Ended
      0.3 USD No Min 500 USD 15,000,000 USD 50,000,000 USD
      Pre-sale — Ended
      0.0154 USD 20% - 40% Min 10000 USD Uncapped Uncapped
      Pre-sale

      Platinum level: $0 – $5,000,000 = 40% CEL Bonus; 

      Gold level:  $5,000,000 – $10,000,000 = 35% CEL Bonus; 

      Silver level: $10,000,000 – $15,000,000 = 30% CEL Bonus; 

      Bronze level: $15,000,000 – $35,000,000 = 20% CEL Bonus. 

      Employee tokens are held in 3 allotments. The first allotment will be unlocked six months after the Token Generation Event. 

      The second allotment of 4.75m tokens will be released only if the token price reaches an average of $1.50 for ten (10) days (meaning the price of CEL has increased 5x from the time of the Crowdsale), and the 3rd allotment of 4.75m tokens will be released only if the average price remains $3.00 for thirty (30) days (meaning the price of CEL has increased 10x from the time of the crowdsale).

      Read more about vesting and bonus
      • Team

        • Alex Mashinsky photo
          Alex Mashinsky
          CEO
        • Daniel Leon photo
          Daniel Leon
          Founding President & COO
        • Syed Fazli photo
          Syed Fazli
          CTO
        • Keith Baumwald photo
          Keith Baumwald
          CMO
        • Ronit Dvir Bacalu photo
          Ronit Dvir Bacalu
          CFO
        • Nuke Goldstein photo
          Nuke Goldstein
          EVP of Engineering & Development
        • Liz Rabban photo
          Liz Rabban
          VP Sales
        • Mališa Pušonja photo
          Mališa Pušonja
          Blockchain Architect Lead
        • Stevan Koprivica photo
          Stevan Koprivica
          Lead Backend Engineer
        • Branislav Djuric photo
          Branislav Djuric
          Lead Frontend Engineer
        • Antun Debak photo
          Antun Debak
          Product Design
        • Filip Jovakaric photo
          Filip Jovakaric
          Developer
        • Nemanja Krstonic photo
          Nemanja Krstonic
          Blockchain R&D
        • Milos Jovac photo
          Milos Jovac
          Developer
        • Djordje Stevanovic photo
          Djordje Stevanovic
          Developer
        • Aliza Landes photo
          Aliza Landes
          Head of Sales and BD, EMEA
        • Ross Gottesman photo
          Ross Gottesman
          Head of Sales and BD, US
        • Vid Štimac photo
          Vid Štimac
          Risk Management Team Lead
        • Roman Krywulych photo
          Roman Krywulych
          Senior Risk Manager
        • Leah Jonas photo
          Leah Jonas
          Director of Client Services
        • Kristen Ryan photo
          Kristen Ryan
          Event Coordinator
        • Ingamar Ramirez photo
          Ingamar Ramirez
          Head of Marketing
        • Ashley Harrell photo
          Ashley Harrell
          Director of Operations
        • Kaitie Zhee photo
          Kaitie Zhee
          Head of Outreach
        • Eric Slonaker photo
          Eric Slonaker
          Community Manager
        • Shirin Semsar photo
          Shirin Semsar
          Head of UX/UI Design
        • John Arce photo
          John Arce
          Head of Marketing, Asia
        • Lola Scheiner photo
          Lola Scheiner
          Sales Associate, EMEA
        • Anita Motwani photo
          Anita Motwani
          West Coast Sales
      • Advisors

        • Miko Matsumura
          Co-founder at Evercoin
        • Moshe Hogeg
          Co-Founder & President of Sirin Labs
        • Chris Dannen
          Founder of Iterative Capital
        • Sonic Zhang
        • Rashid Al Malik
        • Ivan Bjelajac
          Operating Director at GoDaddy | Partner MVP Workshop
        • Elliot Noma
          Algorithm/AI Advisor

      Roadmap

      • Q2-Q3-2017
        • Concept formulated by Alex Mashinsky
        • Initial team assembled
      • Q3 2017
        • Version 1 of Whitepaper is released
        • Tech team hired and development begins 
        • Version 1 of Techpaper released
      • Q4 2017
        • Public announcement at BlockCon 
        • Private presale begins
      • Q1 2018
        • MVP of wallet prototype released 
        • Redesign of website goes live 
        • Version 2 of Whitepaper released 
        • Version 2 of Techpaper released
      • 15-22 Mar 2018

        Public crowdsale

      • Q2 2018
        • Phase 1 of Celsius Wallet app released (will allow members to deposit their crypto assets in wallet to use as collateral for loans) 
        • Expansion of Alt Coins (we will be gradually including moreof the top 20 cryptocurrencies for use in our wallet)
      • Q3 2018

        Phase 2 of Celsius Wallet app to be released (1st USD loans to be issued, with member bank accounts linked to wallet and loans to be paid back in USD or CEL)

      • Q4 2018
        • 3rd Party Microlender integration 
        • Phase 3 of Celsius Wallet (further integration of new coins, users will begin earning interest)
      • 2019
        • Multiple blockchain type nodes to support top 20 coins 
        • Trading on multiple-exchanges Smart algorithms to manage risk 
        • Integration with market trading tools in order to short 
        • Implement Ethereum Plasma Proofof-Steak distributions to Celsius members

      Activity

      Social