Celsius Network Co-Founder and COO, Daniel Leon, suggested to nominate Satoshi Nakamoto, the anonymous founder of bitcoin (EXANTE: Bitcoin), for a Nobel Prize in economics. According to CTech, the Celsius Network COO says Nakamoto brought "more economic prosperity to hundreds of thousands of people than most economists in academia."
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"Until today we had to have a centralized organization, a centralized institution standing between us, buyers and sellers. Banks, credit cards, PayPal, government, I say that putting all of our faith and trust in centralized organizations is a really bad idea because power corrupts, And ultimate power corrupts ultimately," Leon noted.
Leon emphasized the borrow interest rate at 7.73% is unfair given the fact that banks pay its depositors only 0.1%. He believes that cryptocurrencies turn "everything on its head."
"...we trust the code and not some middle man, as a result, you can transfer vast amounts of money, nearly instantly for incredibly low fees with perfect knowledge everything will go as planned," he added.
In November this year, Celsius Network, a cryptocurrency lender with more than $20 billion assets under management, acquired Israeli-based cryptocurrency custodian GK8 for $115 million. With the acquisition Celsius has become an end-to-end platform that combines a cold vault with a keyless MPC with an "unlimited number of automatic co-signers."
Celsius' valuation reached the $3 billion mark after the company closed $400 million funding round led by WestCap, a growth equity firm, and Caisse de dépôt et placement du Québec (CDPQ), a Canadian pension fund. The company said it was planning to use the proceeds from this investment to continue expanding its offering and products with focus on institutional investors. Part of the proceeds would also be used to double Celsius' staff from 486 to approximately 1,000 employees.
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