Celsius Network, a blockchain based marketplace for crypto financial products, announced its partnership with Trust Token, a stable coin company, to offer high interest incomes on five new stable coins.
The press release on Oct. 16 confirms the addition of Trust Token’s stable coins including: True US Dollar (TUSD), True Hong Kong Dollar (THKD), True Canadian Dollar (TCAD), True British Pound (TGBP) and True Australian Dollar (TAUD).
Up to 10% APR on crypto investments
The platform will offer investors an annual percentage rate of 10% on their investments on any stable coin. The high interest rate is earned from the deposits and loan services offered – 80% of the interest distributed to the investors.
The CEO of Celsius Network, Alex Mashinsky, praised the partnership with Trust Token highlighting the importance of stable coins on the platform. He explained,
“Stable coins built on the blockchain allow us to move dollars in the form of digital tokens over the internet, and that enables us to earn more for our borrowers from all over the world.”
Celsius Network’s current rate of interest on deposits beats the normal 1-3% traditional banks offer their customers. Alex added,
“By offering high interest income on stable coins, Celsius enables anyone around the world to earn 10x more on their dollars than they ever could at a traditional bank.”
Low interest collateral backed loans
Furthermore, the platform will open up loan services for its customer base offering low rates of up to 3.5% APR.
The customers can apply for a loan using their digital assets as collateral while earning interest on their deposits. The company saw a 20X increase in deposits through its mobile application in August as users took advantage of the low loan rates and high APR on their deposits.