Celsius, which is a centralized lending platform for different types of cryptocurrencies, stated on February 15 that it has paid out more than $250 million in rewards to its users. It currently has about 415,000 users. This demonstrates the fast growth of lending protocol setups for blockchain. It announced this information in a press release on Monday. The information highlighted the rapid growth of Celsius over the past two years. According to the company, the business is one of the fastest-growing financial companies and keeps reaching new milestones every week.

As a centralized finance protocol, Celsius offers an alternate setup. It allows users to deposit cryptocurrency assets on the platform. Those assets are loaned to other market makers and cryptocurrency exchanges. Most of the interest payments go to the people who deposit the assets on Celsius.

In November 2020, Celsius said that it had paid about $80 million in cryptocurrency rewards to the members who had deposited assets through its platform. Based on the information released on February 15, that amount has increased by more than 300%. People who have an account on Celsius have an option to earn a weekly reward of up to 18.5%. The reward is based on annual percentage yield, and it is available on more than 40 cryptocurrency assets. As of February 15, Celsius had about $8 billion in cryptocurrency assets under its management plan.

Alex Mashinsky commented on these developments. Mashinsky is the co-founder and CEO of Celsius. According to Mashinsky, Celsius was made in order to act in the best interest of the community. It was designed to be and operates as an honest, rewarding and transparent financial services platform. The ongoing success of Celsius has helped Mashinsky get on a list of the top 100 technology leaders to watch for 2021. Mashinsky has put the Celsius Network in the short list of the 10 best financial protocols. He also secured $20 million in crowd funding from more than 1,000 individual contributors. The native token, CEL, has outperformed almost all cryptocurrencies over the past 12 months. Investors should keep their eyes on Celsius.