Celsius Network has now paid off another $50 million of its bitcoin loan, meaning the digital currency lending platform is still on the journey to repay the remaining loan.
The news comes as the price of Bitcoin (BTC) falls below $9,000, which means that the liquidation price for the loan has also dropped.
This is not the first time that Celsius Network has repaid a large amount of its debt. In February, the company announced that it had repaid $100 million of debt. At the time, the liquidation value for the loan was $10,500.
It is not clear how much interest Celsius Network is paying on the loan. However, given that the current interest rate on bitcoin loans is around 8%, it is likely that the company is paying the same amount.
Why Celsius Network is paying off its debt faster and in larger amounts
Celsius Network, a digital currency lending platform, has repaid another $50 million of its bitcoin loans.
Celsius Network has been one of the most active companies in the cryptocurrency lending space. Apart from its loan repayment, the company is also repaying the customers who have withdrawn their money from the platform. Last month, Celsius Network paid out a total of $150 million to its customers.
The company has been able to achieve profitability by focusing on lending and lending. Celsius Network does not charge trading fees, and it only charges a small fee for withdrawals.
The company is also buying back its own tokens, which are used to collateralize loans on the platform. It has bought tokens such as XRP, WBTC and ETH.
Celsius Network is one of the few companies in the cryptocurrency space that is profitable. In the first quarter of 2020, the company reported a profit of $1.4 million. The company has been able to achieve profitability by focusing on lending and lending.
Celsius Network is also expanding its customer base. In the last one year, the number of customers on the platform has quadrupled.
Celsius Network is one of the leading providers of digital currency loans. The company has financed over $1 billion in loans and has a customer base of over 200,000 people.
With Celsius’ uptrend growth, it is evident that it will be able to repay the remaining debt. This is a good thing for the company as it will help in improving its image and reputation.