As the price of XRP continues to plummet in the wake of the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple, one crypto asset has soared in value.
Celsius Network is a peer-to-peer lending platform that supports Bitcoin, Ethereum and a number of additional altcoins.
The platform’s token CEL gives users access to higher rates on earnings and lower rates on loans, and has shot up more than 84% in value in the past seven days according to CoinGecko.
The reason, according to Alex Mashinsky, Celsius Network’s founder: unlike XRP, the asset is registered with the SEC.
“All the coins that may be deemed a security are down 20%-50% with XRP (XLM, XEM, TRX, XTZ, CRO, NEO…) while the only token that registered with the SEC is up +42% in 14 days (CEL).”
CEL is trading at $5.54 at time of writing, according to CoinGecko. The asset’s gains didn’t start with Ripple’s lawsuit, however. It was only trading at around $0.46 in August, and it’s gained a whopping 3,765% year-to-date.
In an addition to being registered with the SEC, Celsius Network also recently announced the completion of an audit of its assets through a partnership with Chainalysis.
“Our relationships with our 230,000 community members are built on trust, because they count on us to act in their best interests and have access to unique, curated financial services, products and rewards that are not available through other financial platforms.
With the validation of a third-party, we’re providing additional transparency into our business, which remains one of the industry’s most reliable, secure and rewarding platforms for putting unparalleled economic freedom into the hands of the people.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Malyutin Nikita