W0OF
Leaderboard Climber
2
MONTHS
2 2 MONTHS OF SERVICE
LEVEL 2
900 XP
Celsius is one of the largest centralized gateways to crypto.
It raised $864m of venture capital and at one point custodied over $3 billion of funds for 1m+ customers.
As of today, it appears insolvent, and it's taking the whole crypto market with it.
The Celsius Thread:
For starters, Celsius is a do-it-all fintech app meant to give consumers easy, trusted access to crypto services: - Trading
- High-yield deposits on stablecoins and cryptocurrency
- Crypto-backed lending
In essence, it's a custodial asset manager.
Take the traditional world of ETFs.
Vanguard and Fidelity wrap a basket of stocks into a retail-facing ETF and take a fee for rendering the service to investors.
Celsius is kind of like Vanguard but for decentralized finance opportunities.
It provides regulated access to loans and yield, and takes a fee for doing so.
All without exposing users to the purported inconveniences and risks of self-custodied crypto.
Celsius is kind of like Vanguard but for decentralized finance opportunities.
It provides regulated access to loans and yield, and takes a fee for doing so.
All without exposing users to the purported inconveniences and risks of self-custodied crypto.
Like an ETF provider, Celsius doesn't offer direct exposure to the underlying positions.
They promise withdrawals and redemptions in case users want to exit their positions, but Celsius ultimately manages the positions on investors' behalf.
But for all of its traditional finance bona fides, Celsius positions itself as a crypto-native product.
For starters it has:
- a "whitepaper" (essentially its website in PDF form); and
- the $CEL token (which offers loyalty rewards and discounts on using Celsius services)
But even worse than the pseudo-crypto vibe is Celsius' dangerous use of meaningless platitudes and strident anti-bank rhetoric:
- Banking is Broken
- Unbank Yourself
- Replacing Wall Street with Blockchain
- 99% vs. 1%
All taken from their website and whitepaper.
But even worse than the pseudo-crypto vibe is Celsius' dangerous use of meaningless platitudes and strident anti-bank rhetoric:
- Banking is Broken
- Unbank Yourself
- Replacing Wall Street with Blockchain
- 99% vs. 1%
All taken from their website and whitepaper.
Worst of all is the in-your-face focus on safety, security, transparency, and most of all, trust:
- "military grade security"
- "withdraw your crypto at any time"
- "keep your crypto safe"
- "next-level transparency"
- "why trust Celsius"
All from their own marketing copy.
More coming later i need to sleep
It raised $864m of venture capital and at one point custodied over $3 billion of funds for 1m+ customers.
As of today, it appears insolvent, and it's taking the whole crypto market with it.
The Celsius Thread:
For starters, Celsius is a do-it-all fintech app meant to give consumers easy, trusted access to crypto services: - Trading
- High-yield deposits on stablecoins and cryptocurrency
- Crypto-backed lending
In essence, it's a custodial asset manager.
Take the traditional world of ETFs.
Vanguard and Fidelity wrap a basket of stocks into a retail-facing ETF and take a fee for rendering the service to investors.
Celsius is kind of like Vanguard but for decentralized finance opportunities.
It provides regulated access to loans and yield, and takes a fee for doing so.
All without exposing users to the purported inconveniences and risks of self-custodied crypto.
Celsius is kind of like Vanguard but for decentralized finance opportunities.
It provides regulated access to loans and yield, and takes a fee for doing so.
All without exposing users to the purported inconveniences and risks of self-custodied crypto.
Like an ETF provider, Celsius doesn't offer direct exposure to the underlying positions.
They promise withdrawals and redemptions in case users want to exit their positions, but Celsius ultimately manages the positions on investors' behalf.
But for all of its traditional finance bona fides, Celsius positions itself as a crypto-native product.
For starters it has:
- a "whitepaper" (essentially its website in PDF form); and
- the $CEL token (which offers loyalty rewards and discounts on using Celsius services)
But even worse than the pseudo-crypto vibe is Celsius' dangerous use of meaningless platitudes and strident anti-bank rhetoric:
- Banking is Broken
- Unbank Yourself
- Replacing Wall Street with Blockchain
- 99% vs. 1%
All taken from their website and whitepaper.
But even worse than the pseudo-crypto vibe is Celsius' dangerous use of meaningless platitudes and strident anti-bank rhetoric:
- Banking is Broken
- Unbank Yourself
- Replacing Wall Street with Blockchain
- 99% vs. 1%
All taken from their website and whitepaper.
Worst of all is the in-your-face focus on safety, security, transparency, and most of all, trust:
- "military grade security"
- "withdraw your crypto at any time"
- "keep your crypto safe"
- "next-level transparency"
- "why trust Celsius"
All from their own marketing copy.
More coming later i need to sleep