When you go into the Digifox App, you may notice under the “Earn” tab you have the option to invest with Celsius.
Celsius is a third-party provider we work with to give you the opportunity to earn high rates of interest on your crypto, ranging from 6-9%. When you compare that to the 0.06% interest you make on your savings account in your traditional bank, it’s a pretty steep increase.
You deposit your money into Celsius, and they loan it out to others. Of course, that loan must be paid back, and instead of Celsius pocketing the majority of the profit, they pay out 80% of what they make to their users.
The interest you earn is paid out in the form of the crypto you're lending. For example, if you have USDC in Celsius, you will earn back more USDC every Monday. This crypto interest is automatically put back into your Celsius account to continue earning interest and compound over time. However, you can withdraw your earned interest and your principal (the original crypto investment you put into Celsius) at any point.
The cryptos that you can earn interest on in Digifox are listed on the Celsius page under the “Earn” tab. Alongside each currency listed is the current APR (annual percentage rate) for that particular coin. These APRs are variable and can go down or up as time progresses.
With Celsius, Monday’s are your new Friday! Interest payouts from Celsius occur every Monday, making Monday something to look forward to.
Another cool benefit of using Celsius is it allows you to take out a loan. You use your crypto as collateral and are able to take out half of its value as a loan. Then, you of course have to pay that loan back with interest, and once it’s paid off you have full control over your crypto again. This solves the past problem of having to sell your crypto for cash and risk having to buy it back at a higher cost.
You’ll soon be able to access borrowing functionality in Digifox, but for now, you can begin earning interest on your deposits.
Welcome to the new way to do finance.
*Note: A more detailed article on Celsius and how it works will be out soon on our website!*