What is Celsius (CEL)? Celsius, also known as Celsius Network, is a company in the crypto industry that oversees a decentralized finance (DeFi) application with multiple features, such as borrowing. The app uses an asset, the CEL token, which primarily functions as a way for users to gain interest rate advantages on the platform. However, Celsius’ future remains unknown, as the company filed for bankruptcy in 2022. Many features in the Celsius ecosystem of products have been halted.
How does Celsius (CEL) work?
The history of Celsius (CEL) dates back to its beginnings in 2017. The company conducted an initial coin offering (ICO) for the CEL cryptocurrency in 2018, subsequently releasing the Celsius app in the same year.
Celsius Network’s DeFi app hosted an array of options for users, such as crypto borrowing. Customers provided collateral in the form of various crypto assets, including CEL, and received a loan in U.S. dollars (USD) or stablecoins. Borrowers paid an interest rate, a cost of taking out a loan. Other features of Celsius’ app included earning passive profits on digital asset holdings and more.
Celsius filed for bankruptcy in July 2022, reportedly owing over a billion dollars. Celsius CEO Alex Mashinsky, one of the Celsius founders, allegedly aimed to turn the company into a crypto custodian, but he resigned in September 2022.
Celsius price today
The price of Celsius, or Celsius price today, most directly relates to the price of Celsius’ CEL cryptocurrency. Among the Celsius use cases, Celsius app customers could decrease the interest owed for borrowing by using CEL to pay off interest, and they gained more passive profits on their holdings if they received profits in CEL. To see a CEL to USD live price, check out the top of the page. A Celsius price chart is also shown above, which gives the price history of the Celsius crypto asset, CEL. The Celsius circulating supply (CEL circulating supply) varies depending on how much CEL is on the market. The Celsius total supply (CEL total supply) is shown at the top of the page.