Celsius announces a reduction of the minimum requirements for loans
The crypto platform Celsius Network announces a reduction in the loan request to a minimum of USD 1,000 and the prompt introduction of interest paid in gold.
Is a paradigm shift coming?
The crypto platform Celsius Network announces a reduction in the loan request to a minimum of USD 1,000 and the prompt introduction of interest paid in gold. Celsius CEO Alex Mashinsky said the measure is intended for all users who want to "borrow small amounts without having to sell their cryptocurrencies." Despite having multiple loans in excess of $ 10 million, Celsius has stated that most of the loans that make up its portfolio are small securities.
They also announced that, in the month of May, Celsius will introduce two gold-backed tokens on their platforms so that their users generate interests in the metal: Tether Gold (XAUT) and CoinShares (DGLD). Mashinksy explained: "This is revolutionary, generally with gold you have negative returns, you have to pay the bank or other custodian for the property privilege. With Celsius, you will not only benefit from the rise in gold, but you will also earn interest in gold".
Mashinsky explained the main difference between Celsius' loan system and the traditional banking system: “We do the same as banks, the main difference is that we return 80% to users while banks maintain 99%. Because we don't have to pay dividends to shareholders. "He also strongly criticized the United States government and the Federal Reserve for how they are handling the world economic crisis:" Economists and politicians believe that they have discovered how to smooth the economic cycle, how to prevent recessions. They just print more money, this is their solution to every problem. All the growth we've had since 2008, it's all a bubble. All the growth is made by Americans borrowing money and spending it on the service economy. But real growth does not come from spending. Politicians today don't want to make difficult decisions. This is not how this country was built."