Celsius partners with Korbit

Celsius Network was founded by Alex Mashinsky, a successful entrepreneur best known for inventing VOIP which enables 1B people to talk over the internet for free. VOIP disrupted the Telecom companies and now Alex wants to disrupt the banks with Money Over IP.

Celsius Network has the goal of allowing crypto users to unbank themselves. Users deposit their crypto with Celsius, and receive interest rates on crypto deposits or fiat loans that are superior to legacy banking and the emerging DeFi ecosystem. The Celsius Network has 65,000 retail customers and over 200 institutional customers.

Celsius Network has announced a partnership with Korbit to manage a portion of their treasury, a first for the organization. This is the first stage of an ongoing partnership between the two companies.

The Celsius mission of making financial services fair and transparent compliments Korbit’s pledge to empower any individual to participate in the new blockchain economy. The Celsius Network has committed to sharing 80% of its revenue with its community of app users in the form of weekly interest.

Sejin Oh, CEO of Korbit, says "this partnership will enable us to deliver what the Korean crypto community has been longing for – a stable income-generating opportunity off crypto assets, provided by a reliable and trustworthy exchange. This will also help increase wider crypto adoption in Korea, which is one of our goals in 2020.”

“2019 was a year of enormous growth for us,” says Alex Mashinsky, CEO of Celsius Network. "We are honored to work with Korbit and super excited they chose Celsius, as they are the first and largest exchange in South Korea. We have a similar mindset around putting customers first and bringing crypto to more people. 2020 will be a big year for Celsius: we built momentum in 2019 which is now translating into partnerships like Korbit, adding more Institutional partners every day with the only working API in the lending business. We are excited to kick off 2020 with this announcement. Managing a portion of Korbit’s treasury is the beginning of a long partnership, opening up a new market for us in Korea, and bringing Celsius closer to its mission of bringing unparalleled economic freedom to the world.”