Crypto lender Celsius suspends withdrawals, locking up billions in user funds amid ‘extreme market conditions

June 13, 2022

The Florida-based company is one of the biggest lenders in the crypto space, claiming to service roughly 1.7 million customers. Celsius is valued at $3.25 billion as of November, following a $750 million funding round led by Canada’s second largest pension fund, Caisse de dépôt et placement du Québec.

Celsius uses capital deposited on its platform to fund its own investments and to cover loans it makes to other users. In exchange, Celsius pays users up to 30% interest, paying out weekly. But the recent meltdown in the market has diminished the potential returns Celsius can earn on its investments, jeopardizing the liquidity of its business model.

Read the entire article: https://fortune.com/2022/06/13/celsius-suspends-withdrawals-crypto-lender-market/

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