Celsius Launches Free Crypto-Backed Loans In California

Cryptocurrency-powered lender Celsius Network CEL/USD launched its crypto-backed lending service in California following regulatory approval.

What Happened: According to a Monday announcement, Celsius Network launched its service in California after receiving its Finance Lender license in the state — which enables the firm to expand its operations and provide its service to Californians.

Notably, if the loan to crypto collateral ratio does not exceed 25%, the loan is free, coming at an impressive 0% APR.

The firm claims that it now is "one of the most accessible and affordable lenders in California."

The loans can be issued in both United States dollars and stablecoin, the minimum loan value is $500, the process is instant, does not need proof of income or credit check.

Celsius Network also provides its customers with educational material through its Credit Education Program offering.

Celsius CEO Alex Mashinsky claimed that "California has one of the largest populations of crypto holders in the world, and one of the largest economies in the world." Consequently, he highlighted that "this is a special moment for Celsius community."