Celsius partners with Monarch and Infinito to Facilitate interest earnings on Crypto Wallets

Celsius Network, a platform for Cryptocurrency lending and borrowing announces partnerships with two crypto-wallets Monarch and Infinito, in an attempt to take the banking concept of earning interest to the crypto community. These partnerships are being touted as the crypto community’s way of democratizing their financial structure and ensuring that it works in the best interests of its customers; which is where the banking industry has repeatedly failed its customers. Banks, acting as middlemen, offer interests rates that rarely cross 1% but charge a whopping 35% interest when lending out deposits through credit cards.

However, until today, this issue has also plagued the crypto service providers. These crypto service providers also offer significantly low returns on their customers’ investments, taking a leaf out of the WallStreet’s playbook.

Celsius aims to change this, by offering crypto holders a 3-7% interest on their savings account that’s doled out weekly, making it profitable way to passively earn from owning Crypto assets. Unlike existing options in banking or crypto-wallets, there is no lockup period; Celsius allows its users to access and withdraw funds at any time. In a clear exposition of its democratized process, Celsius pays 80% of its revenue to its depositors and gives them full control over their assets.

By integrating with Monarch & Infinito, Celsius ensures a geographically wider client-base along with providing efficient services by leveraging Infinito App Square’s smart contract blockchains. While these partnerships represent Celsius’ first foray into wallet integration in 2019, it aims to ensure that its clients have an array of options for maximizing their interests from crypto assets through additional wallet collaborations.

“Many crypto services lend out their clients’ funds without giving proper notification and distribute significantly lower returns on those funds. This sounds much more like a page out of Wall Street’s playbook than that of a financial system founded on the interest of the people, as the crypto community claims to be. We hope these partnerships set a new industry precedent in digital finance. High yield interest-bearing accounts should be the expectation; not the exception,” said Alex Mashinsky, CEO of Celsius Network. “This is what all banks should be providing their customers, if not more. If we band together as a community of HODLers, we can set the tone and demand higher rates. And that, in turn, will stabilize the market.”

By making high-interest yielding savings account an expectation rather than an exception, Celsius aims to set a new precedent in the world of digital finance. The company had rolled out its mobile App called CelPay a few months back.

Also Read:


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Manisha Agrawal

Manisha Agrawal is a cryptocurrency and blockchain enthusiast. She has worked as a content writer for two years and worked as a research based blockchain blog writer too. Also, she worked as a crypto news writer with various known firms like Crypto-News India, Coingape and The Coins Report.

Share
Published by
Manisha Agrawal

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

1 month ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

2 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

2 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

2 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

3 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

3 months ago