The Celsius Network has now paid off another $50 million of its Bitcoin loan, meaning that the digital currency lending platform is still on the journey to repay the remaining debt left.
The news comes as the price of Bitcoin (BTC) falls below $9,000, meaning that the liquidation price for the loan has also dropped.
This is not the first time that the Celsius Network has paid off a large amount of its loan. In February, the company announced that it had repaid $100 million of the loan. At the time, the liquidation price for the loan was $10,500.
It is not clear how much interest the 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 a similar amount.
Why is Celsius Network paying off its loan fast and in large amounts
The Celsius Network is a digital currency lending platform that has repaid another $50 million of its Bitcoin loan.
The Celsius Network has been one of the most active companies in the cryptocurrency lending space. In addition to its loan repayments, the company has also been repaying customers who have withdrawn their funds from the platform. In the past month, the Celsius Network has repaid a total of $150 million to its customers.
The company has been able to achieve profitability by focusing on lending and borrowing. The Celsius Network does not charge trading fees, and it only charges a small fee for withdrawals.
The company has also been buying back its own tokens, which are used to collateralize loans on the platform.It has bought tokens like XRP, WBTC, and ETH.
The 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 borrowing.
The Celsius Network has also been growing its customer base. In the past year, the number of customers on the platform has quadrupled.
The Celsius Network is one of the leading providers of digital currency loans. The company has funded more than $1 billion in loans and has a customer base of more than 200,000 people.
Conclusion
From the uptrend growth of celsius it is evident that it will be able to repay the remaining loan. It is a good thing for the company because it will help to improve its image and reputation.
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Source: https://coinpedia.org/news/celsius-network-pays-another-50-million-of-its-bitcoin-loan-liquidation-price-falls-to-8840/