New York, NY -- Blockchain technology startup Celsius (Token:CEL) has successfully closed its token sale, raising 100% of its $50 million goal.
Celsius is developing a peer-to-peer (P2P) platform that promises to enable holders of cryptoassets to use their cryptoassets as collateral for loans in fiat, earn interest on their assets and receive loan consideration in the form of coins.
Below is a company overview video by founder and CEO Alex Mashinsky:
(Source: S. Daniel Leon)
Concept
The company is creating a ‘Celsius Wallet’ which will initially ‘allow members to use coins as collateral to get a loan in dollars.’
Additional functionality slated for future development will include the ability to lend deposited crypto to earn interest and for users such as hedge funds to borrow coins for shorting purposes.
The marketplace will operate via the use of the firm’s ERC-20 token, CEL, which will be required to access various functionalities.
According to the Celsius Whitepaper, members who wish to borrow dollars against their deposited coins ‘will be charged interest below 10%.’
Development Status
The 2018 development roadmap is shown below:
Management
Celsius is the brainchild of founder and CEO Alex Mashinsky (LinkedIn). Mashinsky has been a serial entrepreneur and active angel investor in New York. Most notably he founded NYC subway wireless service provider Transit Wireless and was involved in that firm from February 2003 to December 2016.
Co-founder and CTO of Celsius is Nuke Goldstein (LinkedIn), who has been founder and CEO or CTO of other technology startup firms in the entertainment and geospatial industries.
Token Sale Details
The ICO ofor the sale of the firm's "CEL" token opened its public sale on March 15 and closed one week later on March 22, 2018. According to ICO Drops, there was a presale token price of $0.20 per CEL prior to March 15, with a $10,000 minimum purchase and a soft cap of $15 million.
The public crowdsale token price was $0.30 per CEL and the hard cap of $50 million was reached. Since it isn’t known how many tokens were sold in the pre-sale vs. the public sale, we don’t know the total number of tokens sold to-date.
A total of 325 million tokens were made available for sale between the presale and public sale.
ICORating scores for the ICO:
Token proceeds will be used as follows:
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Loan Reserves: $20,209,500
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Research + Development: $5,988,000
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Lenders’ Insurance Pool: $1,996,000
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Operations + Management: $6,487,000
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Legal + Regulatory: $5,489,000
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General + Administrative: $5,489,000
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Sales + Marketing: $4,241,500
Tags: fintech,token,cel,erc20,ico,presale,crowdsale