Celsius Network will be integrated into the COTI network, enabling consumers and merchants to easily earn interest and access loans directly on the COTI platform!
We are happy to announce our partnership with Celsius Network, a leading lending platform with over $4.25b in loan origination and $400m worth of managed assets. Thanks to this new partnership, both our COTI Pay and COTI Pay Business applications will enable both consumers and merchants to easily earn interest on stable coins and cryptocurrencies, while also gaining easy access to loans, all powered and secured by Celsius Network.
On our Universal Payment System, payments processed on the Trustchain are instantly settled using stable coins, with each payment creating a securely stored transaction history. Consumers and merchants on COTI also have a unique Trustcsore that when combined with a transaction history, effectively creates a virtual credit score. By adding this credit scoring as additional data point to the Trustscore and our Global Trust System (GTS) we’re able to add an additional layer of trust to participants in the DeFi ecosystem who require it.
Access to loans for most merchants is limited to the bigger payment networks, such as PayPal. COTI now offers a superior product that distinguishes itself by offering something no other payment networks offer: a new revenue stream from stored balances for both consumers and merchants alike.
This is yet another reason for merchants to choose COTI Pay Business instead of PayPal or BitPay.
Shahaf Bar-Geffen, COTI CEO said:
“We are proud to have Celsius for our crypto banking. Through this partnership, COTI will inject new capital to the DeFi space. Merchants that were unaware of the possibilities that come with holding a stable coin, can now deposit and lend it, adding new demand to the crypto space. Even more so, merchants that currently pay extremely high fees for working capital loans from traditional institutes, will have access to better priced loans, backed by their stable coins. This, coupled with new consumers that are attracted to the possibility to gain interest on their balances, is fresh demand and not the same recycling of capital of existing crypto holders.”
Daniel S. Leon, Celsius founding president & COO commented:
“We are thrilled to partner with COTI to offer more individuals access to Celsius’ high yield interest earning accounts. Celsius Network has a mission of providing financial freedom and opportunity to the world. Our partnership with COTI brings us that much closer to achieving our goal.”
The development will commence in Q1 2020 and will be ready for the launch of COTI Pay and the upgraded COTI Pay business app this year, so stay tuned for further development updates.
More About Celsius Network: Celsius Network addresses the financial needs of today’s consumers worldwide through a blockchain-based interest income and lending platform accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the depositor community, Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions. Crypto holders can earn interest by transferring their coins to their Celsius Wallet and borrow USD against their crypto collateral at interest rates as low as 3.46% APR. For additional information please visit www.celsius.network.
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