Celsius Network, a London, UK-based cryptocurrency lending and borrowing platform, acquired BSave, a digital platform providing earned interest income on cryptocurrency.
The amount of the deal was not disclosed.
As part of the acquisition, Celsius will now have access to the yield generating algorithms originally developed by BSave, and will retain key talent, employees, and developers from the original team. Additionally, the 45,000 pre-existing BSave members will join the Celsius platform, boosting the community and adding utility to the CEL token.
Celsius is onboarding all former BSave members with $10 in CEL tokens to welcome them.
Led by Daniel Leon, Co-founder, President, and COO, Celsius Network Celsius is a platform where membership provides access to curated financial services that are not available through traditional financial institutions. Crypto holders can earn interest by transferring their coins to their Celsius Wallet and borrow USD against their crypto collateral at interest rates as low as 4.95% APR or earn up to 10% on stable coins and other crypto coins.