The third week of the year will very likely prove to be its most significant for cryptocurrency innovators and investors. Crypto scored a hat trick with news that President Joe Biden’s three top financial regulators—the chairmen of the Securities and Exchange Commission and the Commodity Futures Trading Commission, and the bank-overseeing Comptroller of the Currency—will all be intimately familiar with the cryptocurrency and blockchain business.
Crypto lender Celsius Network reaches $5.3B in assets, up 10x in 12 months
Alex Mashinsky’s DeFi firm saw massive growth amid the recent bull market, calling crypto’s maturation a further growth driver
“The crypto industry as a whole grew substantially in 2020,” said Celsius Network's CEO Alex Mashinsky. “As we see record numbers of institutions and retail users entering the space, they are looking for a store of value and yield to protect their assets from the debasement of the U.S. dollar."
Bitfinex launches ETH and BTC loans
The cryptocurrency exchange’s users will now be able to borrow bitcoin and ether using fiat currency or stablecoins as collateral
Bitfinex customers can now use fiat currencies such as the United States dollar, the euro or the Japanese yen, as well as the tether (USDt) stablecoin issued by Bitfinex’s sister company Tether, as collateral to obtain a loan in BTC. ETH loans, on the other hand, can only be financed by the United States dollars that the borrower holds on the platform.
Celsius Network doubles its holdings in six months, reaching $2.2B
The crypto lending and interest-earning firm believes that its growth proves that “interest income is the new killer app for crypto.”
Celsius’ asset under management just surpassed $2.2 billion—after the firm reportedly became the first crypto platform to surpass $1 billion in total assets under management earlier this year