Celsius partners with Monarch to enable in-wallet interest earning on crypto
Celsius Network partners with Monarch to offer rates of 3-7% on the most popular coins without requiring
long-term commitment. That is 5-7x more than banks offer their depositors.
London, February 2019 – Celsius Network, the industry-leading cryptocurrency lending
Cryptocurrency is stepping in where traditional banking has failed its customers for years. Today, banks give very little interest, dropping as low as 0% in 2008 and rarely topping 1%. Yet banks charge customers up to 35% interest when lending these deposits out via credit cards. Cryptocurrencies turn traditional banking on its head by eliminating banks as toll collectors and middlemen, and greatly reducing these high fees through decentralization of traditional financial structures. However, many crypto service providers have fallen into the same bad practices as banks; many exchanges lend out their users’
Celsius is changing that. Over the last six months, the Celsius wallet, which pays 3-7% in weekly interest on the top 10 coins, has proven itself to be the leading interest-earning platform for
“Monarch’s mission is to empower people to control all aspects of their finances from the palm of their hand. This partnership is an amazing win for the crypto community,” said Robert Beatles, CEO of Monarch. “We can all agree the current banking system has failed us all. Celsius has honored us in partnership and we look forward to bringing power back to the people, together.”
“Many crypto services lend out their clients’ funds without giving proper notification and distribute significantly lower returns on those funds. This sounds much more like a page out of Wall Street’s playbook than that of a financial system founded on the interest of the people, as the crypto community claims to be. We hope our partnership with Monarch sets a new industry precedent in digital finance. High yield interest-bearing accounts should be the expectation; not the exception,” said Alex Mashinsky, CEO of Celsius Network. “This is what all banks should be providing their customers, if not more. If we band together as a community of
This partnership represents the first of many wallets to integrate Celsius’ services in 2019. Celsius’ team is planning on ensuring that all crypto holders can earn interest on their assets through a series of additional wallet collaborations. By providing interest-earning opportunities through Celsius, up-and-coming wallets can gain a competitive advantage against exchanges, cold storage, and industry incumbents.