Celsius Network Announces Support for EOS on Its Interest-Earning Wallet

According to a press release, Celsius Network announced it is listing EOS in its interest-earning wallet. EOS is the native proof-of-stake crypto for the EOS blockchain.

Alex Mashinsky, the CEO of Celsius Network, said:

"When it comes to proof-of-stake, many cryptocurrency holders might not have the time or expertise required to stake, which would leave them missing out on potential rewards. We're changing that with a secure and user-friendly solution."

EOS Holders Can Stake on Celsius Network

Following the development, EOS holders can now stake their coins on Celsius and passively earn high yield with their platform.

Although, crypto staking necessary involves a level of time and knowledge, which makes it look complicated for many network participants. Celsius plans to make this much easier, by offering simple deposits and staking with a blended yield.

In addition to allowing the EOS community to earn on their assets, the holders can equally borrow on the platform. They EOS holders can borrow stablecoins or cash against their EOS, per the report. However, this feature comes at rates as low as 3.45% and uses their EOS as collateral.

"We are excited to see the EOSIO ecosystem growing with Celsius's support for EOS," Brendan Blumer, CEO Block.One said. "Block.one believes that retail deposit solutions are an important growth nexus for mainstream adoption of digital assets as transparent and competitive stores of value."

Celsius Network reportedly owns more than $350 million in assets and 50,000 active wallets with BitGo as the custodian. Interestingly, the mobile app lets users take loans or earn 10% interest on the particular crypto held in their wallet. Users get their earnings in-kind or in CEL token.

As Celsius banks on a blockchain, customers can quickly deposit, and earn interest on several cryptocurrencies, which now includes EOS token.