Celsius is recognized as a blockchain-powered global credit network. It’s a Peer-to-peer decentralized credit protocol generated utilizing smart contract technology. The idea of this platform based on their official website is to build a state-of-the-art platform for P2P lending, develop a protocol to facilitate the next generation credit ecosystem, powered by a worldwide community of members.
In layman’s terms, Celsius is a peer-to-peer lending platform built on Ethereum smart contracts. The Celsius Foundation, which leads the development of Celsius, was founded by Alex Mashinsky.
Obviously, Celsius isn’t the only company that seeks to reinvent the global lending industry using blockchain technology. Like other platforms, Celsius promises to provide the best experience for lenders and borrowers – including good returns for lenders and easy access for borrowers.
The Celsius Wallet
The Celsius Wallet will be the first online crypto wallets designed to enable members to use coins as a guarantee to get a loan in dollars, and in the future, to lend their crypto to gain interest on invested coins when they’re loaned out.
Members will be capable of borrowing USD against their crypto holdings in their wallet which will be utilized as collateral. They aim to enable anyone who’s in need of cash to simply borrow from the Celsius platform without needing to trade their crypto holdings. The capacity to take loans in dollars against your cryptocurrency will be possible after the Celsius tokens are distributed.
In the future, within the Celsius Network, cryptocurrencies deposited by members into their Celsius Wallet will gain POS fees and be available on the network for instant borrowing and shorting for a charge. Coins that are lent from member wallets or applied as POS collateral will begin to accumulate interest in the sort of Celsius Tokens (CEL), enabling members to earn up to 9% annual interest.
The Celsius Token (CEL)
In connection with the launch of the Celsius Crypto Wallet, they have introduced the Celsius Token (CEL). After their Token Generation Event, members will be capable of using their CEL tokens to acquire access to loans in dollars utilizing their crypto as collateral. In the future, members who deposit coins in their
Celsius Wallets will also be capable of earning CEL Tokens as a reward for lending to the platform.
They’re producing CEL (ERC20 Token) to be the backbone of the Celsius Network, building a value-driven lending and borrowing platform for all their members.
The Celsius Token (CEL), at the time of the Token Generation Event (TGE), will have services that include:
• the ability to become a member of the Celsius platform and community
• the ability to deposit cryptocurrencies in the Celsius wallet
• the ability to use for dollar loans with cryptocurrencies as collateral
• the ability to repay interest on these loans at a discount
In the future, the CEL token will have added utilities including:
• enabling members to lend cryptocurrencies to earn interest
• obtaining seniority in the platform which will affect the interest rate gained
• get interest bonuses on cryptocurrencies lended
The Celsius Network Roadmap
Celsius CEL Token Economics
The network is building the Celsius Platform that enables members to deposit, lend and borrow a variation of different crypto assets. The Celsius Token (CEL) will be key for users who want to loan or borrow.
CEL is a platform utility token that is compensated to crypto holders in the Celsius Wallet as interest on their coins. That interest is produced from charges, in CEL tokens, obtained from
institutional traders who utilize the assets pool. Celsius has a non-for-profit model where profits are used to incorporate all costs and membership growth, while most are issued back to the members’ community.
When the token is issued, members who own CEL tokens will be able to apply for and receive dollar loans against their current holdings. Also, users who receive the loan may pay the interest in CEL tokens for a discount.
CEL Token Utility
Celsius network’s lending and borrowing model needs a blockchain and an open ledger technology. It also requires consensus and a global footprint of coin holders to obtain traction and complete their purpose.
Any loan they proceed may be accumulated from thousands of coin holders which may be rearranged at any time. Only a smart contract able of tracing and returning in micropayments can manage such complexity. So while they will be beginning with enabling members to borrow dollars against their crypto, their long-term concept is a 2-sided marketplace for lending and borrowing that will utilize:
With the Celsius Platform, millions of transactions will be transacted between borrowers and lenders and an open ledger is the core of transparency on their platform.
Whenever they issue credit or permit members to borrow coins, they will use the consensus provided to them by their members.
They are developing Celsius to be a global decentralized marketplace that enables lenders from anywhere in the world to gain interest despite their base currency or the local laws they operate below.
The Celsius Network Team
The Celsius Network is on for a greater mission. They are conducting a crowdsale to accomplish their intentions: a decentralized network of good actors who will be assisted with loans and credit. They want people to give to their crowdsale who not only want to make loans in dollars utilizing their crypto as collateral but who also believe in their mission to grow the crypto community and the future of credit on the blockchain.
Founder and CEO
Alex is a consecutive entrepreneur and founder of seven New York City-based startups, growing more than $1 billion and exiting over $3 billion. Alex established two of New York City’s top 10 venture-backed exits, Arbinet, with a 2004 IPO market capitalization of over $750 million; and Transit Wireless, priced at $1.2 billion.
S. Daniel Leon
Founding, President & COO
Daniel Leon is a marketing and social entrepreneur with a demonstrated track record of growing early-stage companies and developing organizations from the ground up. Daniel has co-founded and managed several companies and not-for-profit organizations.
Fazli was at Dow Jones before settling the majority of his career at Bloomberg in several engineering leadership positions where he managed a large group traversing multiple continents and timezones. While at Bloomberg, Fazli streamlined services by executing agile development methodologies and moving legacy software systems to open-source environments. He also ascended up Tradebook’s US Equity matching engine which included a smart order router to achieve 150X greater order flow.
The high interest rates of unsecured loans are usually associated with unsafe loans; interest on costs reduction is one of the most important motivations in the securitization sector, which is often done via the credit advancement to make it appealing on both borrowers and lenders.
An unsecured loan refers to a loan that is not protected and secured by any asset. With this case, the lender is at high risk and will likely charge a higher interest rate.
With that being said, FintruX Network’s innovative concept solves the three major issues of small time business (especially startups) to borrow from accredited investors, lenders, and financial institutions.
The FintruX Network (FTX) is one of the world’s first block chain – based online market and auto – administration crypto platform that connects and enables the following to configure and construct real – time:
- 3rd Party Guarantors
- Specialized Service Agents
Provided that, the FintruX Network interrupts the way unsecured loans are being made and administered.
The Special Features of the FintruX Network (FTX)
The FintruX Network (FTX) aims to transform unsecured loans to highly secure ones. Given that intention, here are the following special features of the FintruX Network:
- Credit Enhancements – With credit enhancements, the network seeks to counterbalance the lender’s credit risk, and to provide surging levels of insurances to cover the loss – therefore increasing the overall credit rating and reducing the interest rates simultaneously – the four surging levels of credit advancement are as: over – collateralization (as an additional collateral), local 3rd party guarantor, cross – collateralization (as an insurance), FintruX ultimate protection reserve.
- No – Code Development – a unique Smart Contract is generated and deployed by the network for each approved loan of users who borrow real – time; this is to provide definite, immutable, and restriction – resistant where arbitration is not required. This process is all made possible by the no – code development feature.
- Open Ecosystem – This feature provides borrowers with post – funding and self – serving administration options and full access to 3rd party rated agencies.
- Instant Matching – This feature simplifies the loan application process
- Refinance and Prepayment – This serves as options to provide borrowers with post – funding, self – service administration.
What is the FTX Token?
The FTX token is the native payment system and universal utility token that is issued by the FintruX Network (fintrux.com). The FTX token serves the following purposes on the crypto platform:
- Rewards users for various participations
- Borrowers and lenders pay for certain transactional fees
- Agencies, guarantors, and the like are being paid with FTX tokens
In addition to that, we have indicated the complete details of the FTX token:
|FTX Token Information||Metrics|
|Token Type||ERC – 20 Compliant|
|Bonus for the First||Up to 5%|
|Minimum Viable Product (MVP)||No|
|Additional Token Emission||No|
|Restricted Countries||China, Canada, Hong Kong, New Zealand and United States of America|
List of the FintruX Network (FTX) Licensed Exchange Sites
Users can buy, sell, and trade FTX token on the listed exchanges below. Simply select an exchange site that honors fiat currencies such as USD, etc. and trade FTXs with other cryptocurrencies such as BTC, etc.
Having said that, the FintruX Network tokens are currently transacted in the following licensed exchange sites to get you started:
|FTX Licensed Exchange Sites||Trading Pairs|
|QRYPTOS||FTX/BTC; FTX/ETH; FTX/QASH|
The Team behind the FintruX Network (FTX)
The FintruX Network (FTX) founding team proudly harnesses decades of experience working in the Fintech industry and securitization sector. With that being said, the blockchain network has been applied with cascading levels of credit advancements to provide exceptional risk reduction towards loans.
Without further ado, here are the key people behind it:
Board of Directors
- Nelson Lin – Founder and Chief Executive Officer (CEO)
- Ng Eng Ho – Chief Operating Officer (COO)
- Yew Poh Leong – Chairman of the Board
- Bob Rinaldi – Business Director
- Brinden Anandakumar – Legal and Compliance Director
- Conrad Lin – Co – Founder and Chief Marketing Officer (CMO)
- Gary Ng – Chief Technology Officer (CTO)
- Aaron Xu – Frontend Developer
- Douglas Thiessen – Blockchain Developer
- Philemon Selvaraj – Data Analyst
Board of Advisors
- Dr. Jonathan Calof – Intelligence Advisor
- Yash Mody – Business Advisor
- Hussein Hallak – Strategic Advisor
- Binh Vu – Legal Advisor
- Victor Yuen – Financial Advisor
- Dan Poh – Compliance Advisor
- Elie Galam – Advisor
- Abhijith Naraparaju – Blockchain Advisor
- Jure Soklic – Banking Advisor
The FintruX Network (FTX) Roadmap Plan
The FintruX Network (FTX) aims to make the borrowing and lending process a no – brainer for both parties. Having said that, we have outlined the development progress that the team has accomplished since its launch:
- Conducted an Ethereum (ETH) R&D (research and development)
- DApp (development application) R&D (research and development)
- FintruX Network concept has been validated
- Whitepaper has been released
- Tokenization has started
- Focused practice
- Wireframe officially ready
- Prototype officially ready
- Open – source has started
- Funding has started
- New team members added
- Alpha test has been conducted
- Real customers has been welcomed
The FintruX Network (FTX) Project
The FintruX Network (FTX) aims to eliminate the need for physical infrastructure and bring the convenience, full automation, growing efficiency, lessen the manual processes, and improve the overall experience of borrowing and lending.
Given that intention, here are the upcoming projects that the cryptocurrency platform has in store for its users:
- To conduct Beta test
- To further develop the FintruX Network
- To organize the services offered
- To improve marketing strategies
- To begin general availability
- To officially go to the market
- To upscale the crypto platform
- To make some extensions