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Bailey McCann, Opalesque New York:

Celsius Network, a digital currency platform, has launched a peer-to-peer financial lending system using blockchain technology to connect cryptocurrency holders to loans backed by their digital assets.

Celsius Network will give cryptocurrency holders a wallet, similar to what users are used to on other crypto apps like Coinbase. However, the Celsius wallet comes with a twist - users can earn interest on their holdings and take part in asset back lending using their coins as collateral.

In support of this service, Celsius Network has launched "Crowdsale" an ICO using Celsius tokens. The company aims to raise $50M USD through Crowdsale to expand its lending wallet. "What we want to do is democratize cryptocurrency and encourage mass adoption," says Celsius Networks CEO Alex Mashinsky in an interview with Opalesque. "All of our loans are issued through a bank and coins put up as collateral are put into cold storage to ensure that they will be protected from any outside adversaries."

Loans against a users crypto wallet are limited to $10,000 and are offered at a 9% interest rate. Mashinsky says they put the loan size limits in to ensure that they can provide as much liquidity as possible to users early on without having to worry about large investment funds using the available lending capital in one go. Over time, however, Celsius Networks hopes to bring in more crypto fund managers who can use the lending option as part of th......................

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