Crypto Exchange Bitfront Teams With Celsius Network To Offer Interest On Crypto Asset Deposits

News | September 18, 2020 By:

Global digital currency exchange Bitfront has teamed with crypto interest income platform Celsius Network to provide interest on crypto-asset deposits.

Based in the United States, Bitfront is a digital currency exchange operated by LVC USA, under both LVC Corporation and LINE Corporation. Launched in February of this year, the exchange focuses on providing a user-centered experience through first-rate customer support, along with the highest levels of security and transparency.

Celsius Network is a blockchain-based marketplace platform where membership provides access to curated financial services that are not available through traditional financial institutions. The company has seen rapid growth since its launch in July 2018. The firm reportedly manages over $1 billion in crypto assets for over 150,000 users worldwide, over 60% of which is held in bitcoin. In addition to its holdings, Celsius claimed to have distributed more BTC rewards to its users than all other crypto lending companies combined.

The partnership allows Bitfront users to earn up to 12% annual interest on Tether (USDT), Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH) deposits, and get paid with LINK (LN), Tether (USDT), Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH).

“Interest rates differ by payment method and may fluctuate on a weekly basis. Interest will be paid to the users’ account every Monday,” the release stated. “The earned interest service is available for limited amounts, according to the product. Details about the interest service can be found on the Bitfront Notice Page (https://www.bitfront.me/notice/). In addition, Bitfront plans to add other crypto assets for its earned interest service, including LINK (LN) and Litecoin (LTC), to provide more options for users.”

Bitfront said that the addition of an interest service comes as part of its mission to provide a range of customized features and an innovative trading experience. By providing secure and convenient financial services that earn interest through crypto asset holdings, the two companies believe the partnership will enhance efforts at expanding crypto asset usage and overcoming traditional financial barriers.

“We are excited to be working with Bitfront by integrating Celsius’ API to provide their users the highest rewards earning available on crypto assets,” said Alex Mashinsky, CEO of Celsius Network. “As the first phase of what will be a long and multi-faceted partnership with the LINE corporation, we are positioned to accelerate our goal of bringing the next 100 million people into the crypto community to benefit from blockchain’s potential for financial freedom.”