Litecoin Foundation Introduces an Intriguing Novelty on Celsius Network
The Litecoin Foundation is offering a new service. The company will lend its funds, using the blockchain-based Celsius Network.
It’s now possible to borrow money from the Litecoin Foundation, albeit indirectly. Celsius Network CEO, Alex Mashinsky, didn’t specify what amount it will receive from the Foundation. However, an LTC lender will enjoy a 10.53% profit out of the lending deal on their crypto holdings. Concurrently, the rate for dollar loans will be quite low: 4.95 percent. It is a considerable achievement for Celsius as the network automatically grabs the attention of the robust Litecoin community.
Celsius Network is a blockchain financial company with a multifaceted platform. The members can make crypto deposits and get attractive revenue lending their funds. The platform allows earning a 10% Annual Percent Return (APR), using a wide range of cryptocurrencies. And its biggest benefit is that they do not keep all the profits like banks. In this case, the users get evenly distributed amounts.
To be fair, it also uses quite catchy lines. For instance, one of its tweets reads, “While the #FederalReserve is lowering rates @CelsiusNetwork is increasing rates. Check latest on celsius.network.”
While the #FederalReserve is lowering rates @CelsiusNetwork is increasing rates. Check latest on https://t.co/x29Ec8ubM4
— Alex Mashinsky (@Mashinsky) September 18, 2019
Good news for Litecoin?
It should be noted that the Litecoin Foundation is going through a so-so period. Fifth in terms of capitalization, LTC has seen a decline this month. Yet Charlie Lee, the creator of the cryptocurrency, said that he intends to provide financial support to the Litecoin Foundation.
“The goal, of course, is to get Litecoin Foundation to be self-sustaining from donations, partnerships and merchandise sales,” Lee said. “Until we get to that point, I have and will continue to support the Litecoin Foundation financially as necessary.”
He believes that the new partnership will hopefully be mutually beneficial. And that LTC holders will also feel the advantages: “We’ve chosen Celsius as the LF’s preferred interest bearing wallet as we are always interested in helping LTC holders take advantage of new use cases for their holdings. What better way to show our confidence in the product than by allocating a portion of the LF’s treasury.”
Previously, Celsius Network announced a partnership with Bitcoin.com in August 2019. Besides, in August, Lee revealed that he supports and invests in cryptocurrency custody startup Casa. Litecoin, which underwent halving last month, is trading at $74.21.