Friday, 19 August 2022

OKEx lists Celsius Network’s CEL token

5 min read

Seychelles, April 13, 2021 — OKEx, a top 5 world-leading cryptocurrency spot and derivatives exchange, is expanding its support for the crypto borrowing and lending ecosystem by listing the CEL token, spearheaded by Celsius, the industry-leading cryptocurrency yield platform. Deposits of CEL opened at 03:00 am UTC on April 13. Spot trading of CEL against USDT will open at 05:00 am UTC on April 13, and withdrawals will open at 10:00 am UTC on April 14.

OKEx is the third global exchange to list CEL token in recent weeks, in addition to several decentralized exchanges since CEL token’s first listing in June 2019. With a daily trading volume of over $1.2 billion, OKEx is now the largest exchange to support CEL. As Celsius users accelerating growth surpasses 570,000 the demand for CEL token continues to grow worldwide.

CEL is the native ERC-20 utility token of the fast-growing cryptocurrency rewards-earning platform Celsius, which recently announced control of more than $10 billion worth of cryptocurrency assets and payment of over $250 million in crypto yield to its customers. CEL token holders can take advantage of several benefits within the network, including earning yields on crypto assets at up to 25% higher than non-holders and securing crypto-backed loans with up to 25% less payable interest. In addition, Celsius distributes weekly rewards for CEL holders with an APY of 4.86%.

At a time when the average bank savings account offers just 0.04% interest annually, and many analysts fear impending inflation caused by an unprecedented expansion of the money supply, earning interest rates of up to 18.5% is impossible in traditional financial markets. Celsius’s platform has given rise to the crypto borrowing and lending ecosystem through both centralized providers like Celsius and OKEx, as investors seek alternative ways to make their money work for them. 

Launched in June 2018, Celsius has become one of the industry's leading cryptocurrency rewards-earning platforms, garnering over half a million users worldwide. Celsius customers can earn yield on more than 40 different crypto assets including stablecoins held in their Celsius account at competitive rates or take out an instant, low-cost, crypto-backed loan via mobile app.

OKEx CEO Jay Hao commented on the new listing: 

"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."

Celsius CEO Alex Mashinsky continued to add: 

“This is a very exciting day for CEL and the Celsius community. OKEx is leading the world in crypto exchange, and this partnership means millions 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.” 


Re-disseminated by The Asian Banker

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