I'm researching them and can't find anything to back-up their huge claims. Including the 600M they claim to have given in coin loans, I suppose most of those are institutions, name one, get it confirmed by the institution itself.
On top of add I find it funny how they mention that the coins are kept in BitGo and OTHER custodial services, well which?
Can BitGO confirm they hold crypto for Celsius and how much. They claim they are all up for transparency, how is that not public?
In the app when you are about to deposit they say they keep the coins in Bitgo but "from time to time" they move them to exchanges and others to short the market.
Well you have to do that more than "from time to time" to pay 5% interest.
On their site they explain how great they are and how everyone else is worse, kinda like a child would.
Honestly if it wasn't for the CEO established name I would have scrapped this in the scam folder, long time ago but because he is so established I'm trying to find out something that makes them legit in a provable way, not just claims.
Anyone help me?
You're referring to
https://celsius.network/, right?
I took a look at their site and I would avoid them. They operate on a model where you, even as a borrower, have to trust them to hold the collateral in escrow. Do they have enough reputation to hold collateral 200-400% of the loan amount (which is way, way above what is standard for lending on this forum)? I think not.
They also claim that they hold funds on exchanges and BitGo which opens up a whole array of risks including the fact that their accounts may be suspended and funds frozen if anything goes wrong. Then, what would happen to your collateral?
There's virtually zero liquidity for their token, even though it says on ICOBench they raised $50M in their public offering which I find quite sketchy. Though, where did you find the info regarding $600M in loans being funded? I couldn't find that.