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When was Celsius (CEL) coin issued?
The Celsius Network's native token, CEL, was issued in June 2018 through an initial coin offering (ICO) at a price of $0.20 per token.
Nov 28, 2024 at 05:35 pm
When was Celsius (CEL) Coin Issued?
Celsius Network, a bankrupt cryptocurrency lending platform, launched its native token, Celsius (CEL), in June 2018.
Key Events in the Timeline:
- June 2018: Celsius Network launched its CEL token through an initial coin offering (ICO), raising $50 million. The ICO offered 1 billion CEL tokens at a price of $0.20 per token.
- March 2020: Celsius Network announced the launch of its Celsius Earn program, which allowed users to earn interest on their cryptocurrency deposits by lending them to Celsius Network.
- November 2020: The price of CEL reached an all-time high of $8.05.
- May 2022: Celsius Network paused withdrawals and transfers from its platform citing extreme market conditions.
- June 2022: Celsius Network filed for Chapter 11 bankruptcy protection.
- August 2022: The Celsius bankruptcy proceedings revealed that the company had a $1.2 billion hole in its balance sheet.
Questions Answered:
What is CEL Coin?
CEL is the native token of the Celsius Network platform. It was designed to provide holders with access to exclusive features and benefits on the platform, including higher interest rates on deposits, reduced fees, and participation in governance decisions.
When was CEL Coin Issued?
CEL was issued in June 2018 through an ICO.
What was the Purpose of the ICO?
The ICO was used to raise funds to develop the Celsius Network platform and launch its Celsius Earn program.
What were the Terms of the ICO?
The ICO offered 1 billion CEL tokens at a price of $0.20 per token.
What was the Initial Response to the ICO?
The ICO was successful, raising $50 million in funds.
What Factors Contributed to the Rise and Fall of CEL Coin?
The initial success of CEL was driven by the growth of the Celsius Network platform and the popularity of its Celsius Earn program. However, the price of CEL plummeted after Celsius Network paused withdrawals and transfers in May 2022, revealing the company's financial instability.
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