Crypto lending and borrowing platform Celsius Network says it has now seen more than 50,000 Bitcoin (BTC) deposited since launching in August 2018.

Fastest-growing crypto-lender

According to the company, total deposits on the platform total more than USD $380 million, and it has over 100K active app users, with 2020’s growth on a trajectory to beat 2019’s by 60%. By November 2019, Celsius Network lending had already reached $4.25 billion.

The network offers varying interest rates on deposits of Bitcoin (BTC) and several other major cryptocurrencies including Ether (ETH) and Litecoin (LTC), plus altcoins like Bitcoin Gold (BTG), Dash (DASH), Zcash (ZEC) and EOS. From February 2020, Celsius has also been offering compounding interest on crypto deposited in its wallet.

COVID-19 crisis causes more to turn to crypto lending

The popularity of cryptocurrency lending appears to be surging during the COVID-19 crisis, with many users clearly wary of the effects the current and future economic bailouts will have on the traditional markets – particularly in terms of possible hyper-inflation.

With unemployment claims in the United States already hitting a record 26 million, and the worst economic disaster in modern times having already been triggered by the COVID-19 lockdowns (see COVID-19 CRISIS: WHY THERE WILL BE NO “RETURN TO NORMAL” THIS SUMMER), its seems that a large chunk of the public isn’t being fooled anymore by the completely insane activity on traditional stock markets (just yesterday, US stocks saw their biggest monthly rally since 1987).

Earlier this month, we discussed the possibility that Bitcoin (BTC) is now facing its “moment of truth” because of the unfolding economic catastrophe. We pointed out how, despite the world’s biggest cryptocurrency having recently reached a record correlation with traditional markets, including the S&P 500 and gold, with the sudden liquidity crisis in global markets appearing to drive confluence across asset classes, things could be about to change dramatically as the true scale of the situation finally dawns on investors.

With the BTC halving scheduled for this month and some, including outspoken crypto advocate John McAfee predicting the collapse of fiat currencies within months, cryptocurrencies may truly emerge as the safe haven assets many have long predicted.

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