The Litecoin Foundation, which is a non-profitable organization working for the advancement of the blockchain technology through Litecoin (LTC), aims to lend interest by the use of the Celsius Network. Celsius Network, which is a program based on blockchain technology, allows its clientele to earn interest on crypto and instantly borrow against it, without implying any fees.
Alex Mashinsky, the Chief Executive Officer (CEO) of Celsius Network claims that the Litecoin Foundation has shown its interest in choosing the Celsius Network as a preferred crypto wallet.
Litecoin Foundation feeling generous
The Litecoin Foundation is expected to allot a part of its treasury to the Celsius Network. Litecoin (LTC) users may get an annual amount of nearly eleven percent (11%) of their cryptocurrency assets, while they may also be allowed to receive annual lending as low as almost five percent (4.95%).
The CEO, Mashinsky stated that this agreement vouches for the validation of the Celsius Network and it marks an achievement for the platform’s recognition as an accurate utility for the services that it provides.
He reiterated the platform’s claim of lending eighty percent (80%) of its earnings back to its clientele.
Last year, the Celsius Network was able to collect fifty million dollars ($50M) as a coin offering, while completing an amount of over two billion dollars ($2B) in loans this year.
Additionally, the network accounted for annual user-deposits worth three hundred and fifty million dollars ($350M), and it was able to issue an interest amounting to over three and a half million dollars ($3.5M). It is reported that BitGo had deposits worth one billion dollars ($1M) which were based on the Celsius Network. The Litecoin Foundation has been striving to obtain collaborations over the year. It has been able to achieve partnerships with the Celsius Network and Miami Dolphins, which is a professional American football team.
Charlie Lee, the Managing Director of Litecoin Foundation has stated that the foundation has chosen the Celsius Network as an interest-bearing wallet to help Litecoin (LTC) users benefit from the network’s use cases that concern interest-bearing holdings. Lee claimed that the foundation’s act of allocating a part of its treasury to the network’s holdings avers their confidence in the network, and their evolving collaboration with the Celsius Network is based on exploring new opportunities.