For crypto to continue to spread and gain traction we’ve got to bring the next 100m people into the crypto community. In order to do that, real products built by real teams have to provide real utility to the public. We’re building Celsius to bring a new wave of financial products to the market designed, for the first time, to always do what’s in the best interest of its members instead of trying to make as much profit as possible. 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. 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.
We’ve built companies from the ground up, served hundreds of millions of users and completed multiple exits for billions of dollars (including an IPO).
This isn’t our first rodeo. Our team of experienced entrepreneurs knows how to take a concept from ideation to full execution on a global scale.
Our founder, Alex Mashinsky, has filed over 30 patents including the original patent on VoIP technology. He previously founded several multi-billion dollar businesses including Arbinet (IPO 2004), TransitWireless and GroundLink. A cryptoholder since 2013, Alex serves as an advisor and investor to several Blockchain companies including Sirin Labs, MicroMoney and Ties Network.
Where is the technical team ?
To me "the future of consumer credit" is more like Bloom than Celsius. Indeed when you go to the Celsius website it seems the product is more being marketed as a way to earn interest on your wallet by loaning funds to investors on the fly, especially to back shorting.
I can't honestly believe that regular consumers are going to want to hold cryptocurrency for 7% interest when they also have to deal with wild fluctuations against fiat. There's no glory in buying 1.0 BTC today and having 1.07 BTC in a year if BTC price crashes to 1/10 of what it was in that time. IMO this is clearly targeted at more advanced users who would have been HODLing that BTC, ETC or whatever all that time.
Also in case you think that borrowers can get a great deal note that it seems as well as the 7% interest they also need to pay an additional 5% operations cost to Celcius plus 5% insurance against bad debt (which I assume is less for lower risk borrowers). While pay-day loans are definitely a lot more expensive than this unless Celsius is planning to loan fiat tethered coins I can't see this being suitable for any regular consumers.
I don't like that the whitepaper needs me to give up an email address to get a link. That's the first time I've ever had to do that.
So far there is no evidence of actual product. They only list two true developers on the team, the rest are biz and marketing types. The seem to have some strong links back to the FinTech world - including Alex Mashinsky who has real experience building companies and raising money. You'll need that for sure with a product like this because it isn't going to bootstrap on its own IMO.
Strong team, decentralized lending and borrowing is a good concept that has been tainted due to recent unscrupulous companies. However there will be one or two players that will enter and dominate this market. Celsius could be that company.
Great idea and perfect team!
I have been lucky enough to meet the team here in NYC many times where they are based. The market they are tackling (consumer credit) is in desperate need of an overhaul and I believe they have all of the right pieces to make it happen.
This is a good product with a top class team. Some people may think the rates are low . but in many countries you do not want to sell your crypto to facilitate tax deferal or treatment as a lower arte asset when the interest rate may not be as important as tax deferral. The asset protection looks sound. Having a mix of Israeli tech and financing and also US is a good mix to a wide market. To see Miko and Moshe involved as well give me comfort as they only back stuff they have done DD on
Nice team, idea is also good .. best of luck team
Only thing with lending in Crypto is how will it peg the price of the loan against collateral? This works in bull markets but in bearish markets this can collapse. safe guards, insurance on defaulting loans? Typical real world issues - i.e. GFC part 2 in the crypto space.
Maybe space for a stable token makerDao token or asset backed token i.e GOLD DIGIX?
Great idea though. Just some thoughts for the team. EthLend is another one in this space.
Nice idea! Allow anyone who’s in need of cash to easily borrow from the Celsius platform without having to sell their crypto holdings is an high plus vision!
Team is too small for this kind of project and blockchain experience is poor. Tech team doesn't report Celsius involvement in their Linkedin..
About the product they have a poc and it's ok.
It will be surely the need of a platform for lending in crypto space (there is also for non crypto-space, like LendingClub or Prosper) although there are a lot of competitors like salt for example that has raised $48M.
Good concept. Some of the other reviews look to be misunderstanding how the coin works.
It is not important that there are hundreds of lending projects, good projects are always welcome however;
Pasting profiles of Advisors just because they are known within the industry doesnt help to the project in long term other than ICO sales.
And tech. profiles are insufficient.
Vision 1 & Product 1:
There is 95% chance that nobody will ever use this platform no matter how hard it is promoted.
The team is great except it feels like they went overboard with advisory, not necessarily a bad thing, for the ICO at least.
The vision is great I mean consumer lending and being able to earn interest on Idle funds while they a stored in a secure manner sounds amazing. maybe not for the guys that bought bitcoin last year but for the old school bitcoiners, the people who got in before it was trendy. I love the vision assuming they can implement it.
Product is great but nothing new or innovative, been attempted many times before, while this platform has a few factors that make it stand out, the product is just above average.
I like the project overall & I think the team is capable of pulling it off... only thing I don't understand is why they need $50m for this project, other then that It looks good
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