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Definition: Celsius Network


A cryptocurrency organization founded as a bank in 2017. The Celsius Network was popular because it touted interest of 18% and more on deposits of Bitcoin, Ether and other cryptos. To power the system, the CEL token launched in 2018. By 2021, Celsius had more than 1.5 million customers, but in June 2022 when most crypto coin prices were dropping dramatically, Celsius temporarily stopped withdrawals in order to keep its service afloat. See crypto glossary.