What is Celsius Network | Cryptocurrency Interest Accounts and Lending Review

celsius network review

Cryptocurrency interest accounts and lending programs are all the rage in the blockchain space right now. Replacing greedy intermediaries, these companies enable interest-bearing cryptocurrency accounts and low-fee lending that utilizes cryptocurrency as collateral. 

In doing so, they can offer higher interest rates on savings accounts and loan rates that are generally lower than traditional alternatives. Platforms such as have grown significantly since they allow users to earn a substantial passive income on their crypto holdings, particularly in comparison to fiat-based savings account interest rates. 

Currently, one of the most popular cryptocurrency lending platforms is In this review, we cover everything you need to know about the platform, so you can make an informed decision on whether it’s suitable for you. We go over:

You can also catch our most recent interview with Founder Alex Mashinsky.

What is Celsius Network?

Celsius Network is a crypto lending app available on .

Similar to putting money in a savings account, storing cryptocurrency funds in Celsius earns you interest on your holdings each week. The premise is relatively simple: 

  1. You deposit cryptocurrency into the Celsius app.
  2. The company then loans those funds out to retail and institutional borrowers.
  3. Every Monday, you receive a payment from the revenue that Celsius gains from those loans and other activities. The Celsius team boasts a return of 80% of company revenue to users.

The functionality of the app expands far beyond simple interest payments, though.

On the other side of lending, loans are available through Celsius, as well. By putting up cryptocurrency as collateral, you can take out cash (or stablecoin) loans at a range of different terms. Unlike most traditional loan services, Celsius loans don’t require a credit check and typically grant you approval in minutes.

A comparison of interest rates (Source: Celsius)

Although Celsius Network isn’t a wallet, per se, it includes the ability to send and receive supported cryptocurrency through CelPay. CelPay doesn’t charge any transaction fees and enables you to send crypto via a link, message, or directly in-app.

Is Celsius Network safe to use?

Yes, Celsius Network is safe for you to use. 

The company was founded in 2017 by Alex Mashinsky (CEO) and Daniel Leon (Founding President and COO). Mashinsky is notable for his work bringing cell phone service and free WiFi to the New York City subways, enabling WiFI on U.S. flights, and creating Voice over IP (VoIP). And Leon has had an accomplished career as a social entrepreneur, serving as a leader at several organizations, including Atlis Labs, Beyon3D, and GroundLink.

To date, Celsius Network supports over 101,000 users worldwide containing over $730 million in assets. Additionally, the platform has facilitated nearly $5.5 billion in loan originations (about $8.2 billion in today’s BTC prices). The company has made $12 million in interest payments,

You should note, however, that Celsius Network is a custodial wallet platform. So, the company keeps control of the keys for each of your cryptocurrency wallets. While this fact shouldn’t be a deal-breaker for most people, it is essential to know.

Can you make money with Celsius Network?

Celsius Network gives you the opportunity to earn passive income on your cryptocurrency holdings, but there are a few bits of information of which you should be aware of.

The primary way to earn money with Celsius Network is by on your holdings. To participate, you simply deposit cryptocurrency into a Celsius wallet. Once you’ve done that, you’ll earn interest payments to your wallet every Monday. You can choose whether you receive these payments in like-kind or in CEL (Celsius’s native token).

Celsius Network Interest Rates

Celsius Network offers competitive APRs on several cryptocurrencies.

Beyond traditional crypto interest, Celsius Network also includes the opportunity to earn interest on gold. Rather than actual gold, though, Celsius utilizes XAUt, and ERC-20 token with gold backing.

The annual interest rates vary weekly as well as from coin to coin. However, they seem to generally be in the range of 3.00% to 11.00%. Additionally, choosing to receive your interest payments in CEL will net you a higher return. It should be noted that the “Earn in CEL” is not currently available to U.S. users. 

An important warning: Currently, Celsius Network does not provide any insurance on your deposits. So if the company falls victim to a hack, for instance, there is a possibility that you will lose your funds.

Which cryptocurrencies are available on the platform?

Celsius Network pays out interest for a wide variety of cryptocurrencies. The options include (but aren’t limited to):

You can also purchase BTC, ETH, XRP, BCH, LTC, and XLM directly in the app.

Celsius Network app

The Celsius app supports a wide variety of cryptocurrencies.

How is customer support?

The Celsius Network website contains a dedicated Help Center that should answer any questions you may have. It includes FAQs regarding deposits, withdrawals, and security, among several other topics. 

If you can’t find what you’re looking for in the Help Center, you also have the option to submit a help request in which a Celsius representative will reach out to you via email. 

Should you use Celsius Network?

In the end, the decision and responsibility to properly use are up to you, and you alone. Compared to other crypto loan platforms, Celsius offers some of the best interest rates in the industry – to both depositors and borrowers. 

A list of the Celsius stablecoins and their APY. (Source: Celsius)

Any cryptocurrency holder stands to benefit from hearty interest rates, provided their principal amount is safe. Earning upwards of 11% on stablecoin deposits can be incredibly appealing for any investor, particularly in uncertain times. Celsius represents the leader of the pack of interest-bearing cryptocurrency accounts and lending platforms, a category with other legitimate players such as BlockFi

Although Celsius technically holds your crypto keys and is missing traditional banking insurance fiat savings accounts enjoy, you can be reasonably confident that, with the so-far immaculate reputation of the company’s founders, your cryptocurrency should be safe.

If you’re looking to unbank yourself and separate your money from the traditional financial system, is a solid place to start.

CoinCentral's Score


Newsletter (Sidebar)

  • Hidden
  • This field is for validation purposes and should be left unchanged.


Bitcoin mining high

BTC Mining Difficulty and Hashrate Hit Lifetime Highs

The Bitcoin (BTC) hashrate and mining difficulty has reached royal888 casino com register all-time highs today, as BTC had a…

Read More
Gold backed crypto

Top 8 Gold Backed Cryptocurrency Tokens & Where to Buy (2022)

Bitcoin, the flagship of cryptocurrency, is often referred to as “digital gold” to indicate its utility as…

Read More

Brave Browser Review: A Guide to the Crypto-Native Browser

Brave Browser is a search engine focused on user privacy; Brave offers the same functionality as traditional…

Read More


Getting Started Gold Bars.


BTC Mining Difficulty and Hashrate Hit Lifetime Highs

The Bitcoin (BTC) hashrate and mining difficulty has reached royal888 casino com register all-time highs today, as BTC had a rather rough month by falling below $39k. Lifetime Peaks for Mining Difficulty and Hashrate The mining difficulty of the largest cryptocurrency in the market, Bitcoin, has risen by 5.56% on Wednesday, hitting a record of 29.79 trillion at…


Getting Started Gold Bars.


Based in Austin, TX, Steven is the Executive Editor at CoinCentral. He’s interviewed industry heavyweights such as Wanchain President Dustin Byington, TechCrunch Editor-in-Chief Josh Constine, IOST CEO Jimmy Zhong, Celsius Network CEO Alex Mashinsky, and ICON co-founder Min Kim among others. Outside of his role at CoinCentral, Steven is a co-founder and CEO of , a mobile app that automates cryptocurrency investments. You can follow him on Twitter @TheRealBucci to read his “clever insights on the crypto industry.” His words, not ours.