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The Litecoin Foundation has chosen crypto lending platform Celsius Network as its preferred crypto wallet, CoinDesk reported.
The Foundation will reportedly allocate a certain portion of its treasury to the Celsius Network. Litecoin (LTC) holders can get up to 10.53% back on their crypto holdings annually and use their coins as collateral to get dollar loans at rates as low as 4.95%.
Speaking to the news outlet, Celsius Network CEO Alex Mashinsky said that this endorsement by the Litecoin Foundation is a validation of their platform.
“Litecoin being the first foundation to work with us and endorse us is a real milestone. It’s a huge event,” Mashinsky said. “That’s the first time I can say that the general community is recognizing Celsius for the utility it provides.”
Celsius Network raised $50 million in an initial coin offering (ICO) in 2018. In a report last month, the company said that it has completed over $2.2 billion worth of coin loans since July 2018, more than 160,000 lending transactions, and distributed over $3.5 million in interest payments.
The company also claims that it returns 80 percent of its revenue to depositors.
Litecoin creator and Foundation managing director Charlie Lee told CoinDesk that the primary reason for signing up with Celsius Network was the interest-bearing deposits, particularly for LTC holders.
“We’ve chosen Celsius as the LF’s preferred interest bearing wallet as we are always interested in helping LTC holders take advantage of new use cases for their holdings. What better way to show our confidence in the product than by allocating a portion of the LF’s treasury,” he said, adding that the Foundation does not intend to take out loans on collateral.
In July, Litecoin became the official cryptocurrency of the American football team, Miami Dolphins. LTC is currently the fifth-largest cryptocurrency by market capitalization and is trading at $74 at the time of writing.
