Celsius Network Review and Referral Benefits

Celsius Network Logo

Update [Jul 2022]: Celsius has filed for Chapter 11 Bankruptcy Protection. See ‘Notable developments’ section below

WARNING!

On 13 Jun 2022, at around 10am Singapore time, Celsius announced it was pausing all withdrawals, swap, and transfers between accounts.

“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.”

“Acting in the interest of our community is our top priority. In service of that commitment and to adhere to our risk management framework, we have activated a clause in our Terms of Use that will allow for this process to take place. Celsius has valuable assets and we are working diligently to meet our obligations.”

“We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets. Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers.”

(read more…)

This is alarming news to account holders.

There is speculation that Celsius Network is having liquidity issues to cover interest, customer withdrawals.

excerpt from section 13 of the Terms of Use agreement
excerpt from section 13 of the Terms of Use agreement

Removing the referral code and links from this page till there is more clarity on the situation.

Table of Contents

Company

Made with 🧑 by HODLers, for HODLers.

Celsius, headquartered in London, was founded in 2017 by Alex Mashinsky, to provide fair and transparent services that have been abandoned by banks - fair interest, low rates for loans, zero fees, and lightning quick transactions.

Celsius is not a bank, depository institution, custodian or fiduciary and the assets in your Celsius account are not insured by any private or governmental insurance plan (including FDIC or SIPC), nor are they covered by any compensation scheme (including FSCS).

Registered as a Money Services Business (MSB) number 31000192265811 with the US Financial Crimes Enforcement Network (FinCEN).

Investors

  • Celsius Network’s Series B was expanded to $750 million, up from $400 million at a $3.25 billion valuation announced October. [Nov 2021]
  • Celsius announced a US $400 million funding round led by Westcap and CDPQ, valuing the company at US $3 billion. [Oct 2021]

Key metrics

Notable developments

  • Celsius Email List Stolen [Jul 2022]
    • list of its users' email addresses was stolen by a Customer.io employee on 30 June 2022.
    • the employee then sent those addresses to an unnamed, malicious third party.
    • Customer.io provides an automated messaging platform
    • statement by Customer.io here
  • voluntarily filed petitions for Chapter 11 reorganization [13 Jul 2022]
    • A total of eight Celsius-related entities are declaring bankruptcy.
    • $1.2B Hole in Balance Sheet
    • Celsius said it had $167 million in cash β€œto support certain operations during the restructuring process.”
    • more than 100,000 creditors in its petition. The petition names Pharos USD Fund SP and Pharos Fund SP as its largest unsecured creditor, with an unsecured claim of approximately $81 million. Other named creditors include ICB Solutions, The Caen Group LLC, Alameda Research, B2C2, and Covario AG, among others.
    • Chapter 11 bankruptcy allows a company to continue operations while meeting its obligations to indebted parties. This is usually executed by proposing a plan of reorganization to be approved by creditors and overseen by a legal team.
    • Youtube video released by Celsius explaining Chapter 11 can be found here
  • Celsius announced it was pausing all withdrawals, swap, and transfers between accounts [13 Jun 2022]
    • Celsius token tanks 70% in 1 hour after the announcement from $0.49 to $0.15.
  • Celsius increases Bitcoin mining investment to $500 million [Nov 2021]
  • Debut of CelsiusX, the DeFi engineering arm of Celsius to launch projects that bridge CeFi and DeFi. [Nov 2021]

Presence in Singapore

Unknown

Regulation by Monetary Authority of Singapore (MAS)

Unknown Status

Risk disclosure

Risk Disclosure document

Social media

Earning Rates

Earning Rates are updated weekly.

Ecosystem

Borrow

Keep your crypto by borrowing against it and instantly access the funds you need. Note that the collaterals used to borrow against will not earn any interest.

CEL token

Meet CEL. Think of it as a rewards program, with actual financial rewards like even higher earning rates and ridiculously low rates on loans.

  • Up to 30% more rewards: Earn your weekly rewards in CEL and earn at rates up to 30% more.
  • Up to 25% discount on loans: Pay your interest on loans with CEL for up to 25% discounts on all your interest payments.
  • Earn 6.68% APY [Mar 2022]: HODL CEL and get paid 6.68% APY, weekly.

Loyalty system

There are five tiers of member statuses at Celsius, and the tier you are in is decided by the percentage of CEL tokens you hold in your portfolio.

Higher tier members will receive bonus CEL rewards and loan interest discounts.

Celsius membership tiers
Celsius membership tiers (Mar 2022)
The membership tier is based on your ratio, not your amount – so anyone can access meaningful rewards!

Trading platforms

  • Android
  • iOS
  • Web

βœ”οΈ Unique Selling Proposition (USP)

Frequent promo codes for bonuses

Celsius Network frequently launches campaigns where you can apply promo codes when depositing to get extra bonuses. Some promo codes are applicable for existing users too.

It appears promo codes can only be applied from the mobile app and not the web platform. Learn how to apply promo codes:

Social login

Conveniently login with Apple, Facebook, Google and Twitter accounts.

Zero fees

No withdrawal fees, no transfer fees, no transaction fees, no early termination fees, no origination fees, nothing!

❌ Drawbacks

Payouts only once a week

Reward payouts occur every Monday.

Notes

App platform has more features

Some features that are only found on the mobile platform:

  • Application of promo codes.
  • Enable/Disable 2FA security.