According to a press release published on 16 August, Celsius has opened its retail-lending services for customers in California. Earlier this month, the company received its Finance Lender license from the state, enabling it to offer USD and stablecoin loans to California residents.
Borrowers in California will be able to request Celsius loans issued in USD or any of the supported stablecoins against 39 cryptocurrencies at a 0% APR. The minimum request amount for the loans is set at $500, the company explained in the release. Eligible borrowers can already apply for a loan directly through the Celsius mobile app.
The expansion in California is part of Celsius’ continued effort to bring low-cost financial services to the masses. The company’s platform allows users to take out loans instantly without the need to provide proof of income or perform a credit check. Alex Mashinsky, the CEO of Celsius, announced that this was a significant moment both for the company and the entire Celsius community.
“California has one of the largest populations of crypto holders in the world and one of the largest economies in the world. We see this as a major opportunity to continue growing our community and creating more value for HODLers everywhere,” he added.