OKEx listed Celsius Network’s native CEL token to its exchange and became the biggest exchange that supported this expanding lending and borrowing protocol so let’s read more in today’s cryptocurrency news.
The listing arrives just as Celsius Network hit a milestone of half a million users and $10 billion in crypto assets under control and there are a few ways that Okex will help the ecosystem grow and bring more benefits to the users of the trading platform. This week, OKEX listed Celsius Network’s token to its vast array of crypto assets. CEL is the native token to the Celsius Network which is a popular borrowing and lending platform by Alex Mashinsky.
New Listings of the week @OKEx:
Trade with us now 😉 https://t.co/TDHSxuVMfI
— OKEx (@OKEx) April 17, 2021
OKEx is the first exchange to list the CEL token since 2019 but the demand for this token has always been high. The project launched in 2018 and is still among the fastest-growing crypto rewards-earning platforms on the market with the users of the platform being able to earn a yield on idle assets or access fast crypto-backed loans. These days, the typical savings account barely pays 0.04% in interest while Celsius offers a competitive rate of 18.5% with the rates being 25% better than the industry standards.
If the benefits aren’t apparent yet, the total yield paid out to the customers hit over $250 million and now it has more than $10 billion in crypto assets under control which shows the enormous demand of the lending and borrowing capabilities. The CEL token makes things even more interesting as the holders received a weekly reward of 4.86%. Mashinksy said that the listing is quite exciting for the community and noted:
“OKEx is leading the world in crypto exchange, and this partnership means millions of more customers worldwide can now access CEL and all of its financial advantages. Celsius is committed to catalyzing economic and financial independence for everyone, and partnering with trading programs like OKEx are helping to make that possible.”
CEL is exposed to the growing user base of OKEx which was surging all year round. CEL has a daily trading volume of more than $1.2 billion so it will now receive even more users than before. Jay Hao said:
“We are pleased to help foster the growth of the crypto borrowing and lending ecosystem by adding Celsius’s CEL token to the OKEx exchange. We share the same belief that cryptocurrencies can provide financial freedom to all people around the world and believe that as the industry grows, there is room for both centralized and decentralized solutions. As one of the fastest-growing platforms in the space, Celsius also mirrors OKEx’s deep commitment to continued innovation. We look forward to growing with them.”
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