Celsius, which is a P2P decentralized lending & borrowing platform has announced a strategic deal with Monarch and Infinito, which will look into enabling users of crypto wallets to earn a whopping 3 to 7 percent interest on saved digital assets. This collaboration is aimed at making life easier for cryptocurrency investors, while the bearish market rages on. This initiative is an attempt to eliminate all the challenges that come with the traditional banking system, where the payments are sent on a weekly basis to holders of established digital assets. They have been successful in fulfilling this promise over the last six months, in an attempt to make it the number one interest earning platform for cryptos.
Other than this, the users of the platform can also earn a significant interest in their crypto holdings through the savings account feature. Similar to the Celsius platform, people using Monarch will also be able to earn 3 to 7 percent annually and they will receive the payments into their wallets every week.
It is also worth noting that this interest rate is not offered by any other bank or crypto platform, and unlike banks or other crypto platforms which insist that users lock up their funds for quite a considerable amount of time, Celsius users can withdraw their funds whenever they wish to.
80 percent of its revenues are paid to the company’s depositors all the while managing to maintain a level of transparency which has never been achieved before.
The CEO, Robert Beatles commented on the development and said,
“Monarch’s mission is to empower people to control all aspects of their finances from the palm of their hand. This partnership is an amazing win for the crypto industry. We can all agree the current banking system has failed us all. Celsius has honoured us in partnership, and we look forward to bringing power back to the people together.”
Celsius services are also supposed to go live in the Infinito App Square this February where users will begin to earn interest on their crypto holdings from Q2 2019.
Alex Mashinsky, the CEO of Celsius Network said,
“Many crypto services lend out clients’ funds without giving proper notification and distribute meager returns on those funds. We hope these partnerships set a new industry precedent in digital finance.”