Celsius network, a cryptocurrency lending and borrowing platform, announced Thursday that it will add support for the CoinShares wDGLD token. According to Celsius, clients will be able to hold wDGLD tokens in their Celsius wallets to earn a weekly compounded return or use their coins as collateral to secure cash loans against their crypto.
“CoinShares and Blockchain.com launched the wDGLD token in november 2020 as a solution to bring digital gold to the Ethereum network and extend its usability within the digital asset ecosystem. wDGLD is linked 1: 1 with DGLD, a gold backed token built on the Bitcoin blockchain and is currently available in the Blockchain.com wallet, which is home to over 69 million created wallets.
Alex mashinsky, CEO of Celsius, spoke of the support saying:
“It’s a win-win when we are able to form mutually beneficial partnerships that also generate more value for our customers. At a time when dollars and other inflationary currencies are losing value at an exponential rate, the addition of wDGLD gives our users another option to diversify their assets in a way that acts in their best interests.
Founded in 2017, Celsius serves the financial needs of today’s consumers around the world with a democratized loan and interest income platform accessible through a mobile app.
“Built on the belief that financial services should only do what is in the best interest of the community, Celsius is a modern platform where membership provides access to organized financial services that are not available through institutions. traditional financial instruments. “
Celsius recently announced now holds more than $ 5.3 billion in cryptocurrency assets.