Celsius, a digital asset lending platform, has announced its partnership with Maple Finance, a decentralized marketplace. Celsius will become your first CeFi lender on the platform.

Celsius is a platform that offers fast transactions, no fees and fair interest. They believe that most of these services have been abandoned by banks. The aim is to revolutionize the financial sector and introduce cryptocurrencies to anyone who is partially interested.

On the other side, we have Maple Finance. Maple Finance is a marketplace that is powered by blockchain technology. They provide efficient financing for borrowers and sustainable sources of income for lenders.

Since Maple Finance is a decentralized marketplace, having CeFi will offer many benefits. One of the main ones is the much better security of traditional products. Thanks to CeFi, users could earn interest by borrowing money, spending with their crypto card, and more.

Celsius became the first platform offering a cryptocurrency-centric lending service on Maple Finance. Using smart contracts and blockchain infrastructure, they will be able to promote a $30 million pool to investors.

wETH as the main add-on

The $30 million pool will be set up in Ethereum (wETH). Institutions such as the Amber group will borrow from Celsius’ wETH pool based on their on-chain reputation.

As mentioned earlier, Maple is a decentralized debt market. This market allows other institutions to borrow liquidity cryptocurrencies funded by DeFi investors.

Considering the fact that Maple was released 9 months ago, it’s relatively new. So far, they have originated $770 million in loans and around $650 million in total value is locked on the platform.

Maple CEO Sidney Powell mentioned that more than 26 institutional borrowers are part of the project. He also noted that the liquidity utilization rate has never been less than 80% since the beginning.

Powell also says he is very proud of the Celsius partnership. Before Celsius, the main digital asset for lending was USDC.

Celsius Lost $54 Million Thanks to BadgerDAO Hack

However, this isn’t the first time Celsius has tried to participate in DeFi for its sake. The BadgerDAO hack that happened in December 2021 caused the Celsius network to lose over $54 million.

Badger app website access was hacked and very malicious javascript code was injected. This code allowed hackers to withdraw money from the wallets of all users who were part of the site. This means that javascript code caused unauthorized transaction approvals.

The exact amount of money that was lost was never disclosed by the company’s staff. Not long after, BadgerDao announced working with Chainalysis and law enforcement to help track down and recover all stolen funds.

Your capital is at risk.

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