Alex Mashinsky: Cryptocurrency Adoption at World Blockchain Forum
At the World Blockchain Forum in New York City, Celsius Network founder and CEO Alex Mashinsky gave a presentation about his project. Mashinsky is a veteran entrepreneur, having founded many successful startups in New York, as well as being credited with inventing Voice Over IP.
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Celsius Network: Blockchain Based Lending
The Celsius Network is a blockchain-based lending platform where users can issue loans and borrow money. With over 15 thousands downloads reported by the company, Celsius operates as a mobile wallet where users can store their cryptocurrency.
Using the wallet, users can borrow USD using their wallets’ crypto holdings as collateral.
“Our goal is to allow anyone who’s in need of cash to easily borrow from the Celsius platform without having to sell their crypto holdings,” the company said on its website.
In addition to this main feature, the company is working on more functionalities to make the platform more robust. These upcoming features center around the platform’s native token, currently under development.
According to the website, once the tokens are issued, users will eventually be able to earn Proof of Stake fees from cryptocurrencies deposited into their wallets. “Coins that are lent from member wallets or used as POS collateral will begin to accrue interest in the form of Celsius Tokens (CEL),” the website said.
Wallet users will also be able to take loans in dollars after CEL tokens are issued.
In addition to talking about his company, Mashinsky discussed the state of cryptocurrency and ICOs in general.
To get the full details of his World Blockchain Forum presentation, what his company does, and what he thinks about the state of ICOs, listen to the full audio.
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