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Whitepapers outline all key information so you can understand how it works.
Celsius Network is a New York-based fintech startup hoping to become the future of consumer credit The proprietary technology developed by the firm is based on the Ethereum blockchain and it extends instant credit to interested parties through a decentralized peer-to-peer (p2p) network.
The p2p network is akin to a membership organization and consists of both lenders and borrowers; users must complete their Celsius profile in order to join the Celsius Network. These Celsius profiles are dynamic and change according to the users’ history on the platform. The platform then proceeds to match borrowers with lenders by determining borrower credit limits and interest rates with accepting lenders. Smart technology is then used to bind the lender-borrower relationship. Borrowers’ metrics are ascertained using the Celsius score - a digital credit score calculated using various metrics such as FICO scores, mortgage histories as well as non-traditional ones such as Uber and Amazon transaction histories.
The Celsius platform serves lenders by allowing them to decide who they will extend credit to using borrowers’ Celsius scores to determine their risk threshold. The decentralized lending platform hands the power of financial responsibility back to the general public by taking it away from the behemoth banks. Celsius helps build a trusted community, the success of which is pegged to the success of the Network itself. The firm is a non-profit organization and acts in the best interests of its members through lower fees and no hidden-fees. It also selectively allows borrowers to expand their credit limits and lower interest payments.
Celsius is a global membership organization offering peer-to-peer loans. It extends instant credit to borrowers through a lending ecosystem that matches borrowers with lenders based on Celsius scores - a digital credit score compiled by Celsius. Built on the ethereum blockchain, the Celsius platform uses smart contracts to bind the borrower-lender relationship.
The NYC-based fintech startup hopes to be the future of consumer credit on a global scale and hopes to bring about the blockchain revolution. Celsius acts on the best interest of its entire membership and not just the lenders, unlike traditional banking institutions. The currency enabling use of the Celsius network is the Degree coin (DEG). Having a DEG coin will grant access to the Celsius membership organization and ecosystem. This will allow you to make a loan as a lender, or take out a loan as a borrower. Celsius hopes to extend credit to the large pockets of population that are underserved by the traditional banks - the young adult population that came of age during the most-recent financial crisis as well as lived through the EU debt crisis.
This group of people account for the largest generation with the weakest buying power (of recent time) and are currently being penalized for the malpractices of their preceding generations. Celsius hopes to develop a unique product that is designed specifically for them and conducive to their success as well as their future generations’ success.
Celsius Network is led by serial entrepreneur Alex Mashinsky founder of Transit Wireless and Arbinet — two of New York’s top startups in the past two decades.