Dear Celsius Community,
In the past few weeks and for the foreseeable future, we are experiencing new levels of volatility in the crypto and traditional financial markets, all the while managing the COVID-19 pandemic response for our businesses and families.
We wanted to share some thoughts on how Celsius is built to protect your assets and thrive in choppy waters.
First, this is an opportune time to introduce publicly our new Chief Security Officer, Shiran Kleiderman. Shiran’s depth of expertise in both civilian and military cryptography and cybersecurity adds an important layer of trust to our business operations, especially in uncertain times. Please join us in welcoming him aboard as CSO.
Now to operations: the entire team is set up with the capacity to work remotely, employing VPNs, communications channels, equipment, time zone coverage, and task redundancy. The distributed nature of the crypto world lends itself to this setup, and Celsius has added robust protocol layers to ensure there is no interruption of business or communications. This has been field-tested over the last few days and passed with flying colors.
We have great counterparties. Every institutional margin call is satisfied, and the lending team is busier than ever. Our risk, compliance and finance teams are monitoring real-time market effects and updating credit requirements as needed. On the retail loan side, we have had very few liquidations as almost all clients have responded to margin calls by posting more assets or paying down loans. Simply put, even in times of stress, the engine works.
On top of our existing custodians, we have added FireBlocks hot wallet insurance of up to $10M to secure our coin transfers to our borrowers and customers.
The upside: in the last few months, we have been not only busy, but profitable. We also have raised our rates on BTC and other assets to share more of our profits.
share more of our profits.
Our pipeline for new partnerships is full, and we are planning to announce some significant developments over the coming weeks. We are aggressively building our retail client base - as of this writing we have almost 25,000 unique HODLers, which provides our institutional clients a constant flow of assets to borrow.
I don’t have a crystal ball, but I do have confidence that Celsius is built to weather this storm.
On a personal note: I hope each and every one of you and your families are safe. We are reachable as always.
Warm regards,
Alex Mashinsky
Earn, Borrow & Pay on the Blockchain....
Celsius Network lets you earn Interest up to 10% on your Cryptocurrency and Instantly Borrow against it....No Scam - No Ponzi - Real Product... https://
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