Celsius Network reports to have more than doubled its interest payments in the three months since its terminal disclosure. This is one more signal of the continuous growth of the crypto lending industry, equally decentralized finance (DeFi) operations attract more funds.

As per its Feb. 20 study, Celsius paid over $11 one thousand thousand worth of Bitcoin (BTC), Ether (ETH) and other cryptocurrencies as total interest income. This is an increment of 120% from its $5 meg figure reported on Nov. 12, 2019.

The company is managing $730 million in customer deposits and loan collateral, which is an increase of 62% from the last written report'due south $450 1000000 figure.

The full value of outstanding loans has also increased by 46% since November, totaling $6.2 billion. This figure is counted in electric current BTC prices and is influenced by its price growth.

The user count has also grown from 50,000 to 75,000 since Nov.

Crypto lending growth

The crypto lending industry equally a whole has been on the rise. It is divided into companies providing loans in crypto, such every bit Celsius and BlockFi, and decentralized finance based on Ethereum.

While both provide generally the same services, DeFi uses smart contracts and blockchain oracles to ability its lending action.

The amount of funds locked in DeFi has recently surpassed $1 billion. Nearly of them are locked as collateral with MakerDAO (MKR) as part of a machinery to generate Dai (DAI), a decentralized U.S. dollar stablecoin.

Celsius competitors such as BlockFi have as well posted strong growth, showing that the lending industry is rapidly increasing its value.

The growth does not come without its pains, as DeFi protocol bZx was recently hacked twice in the bridge of two days.

Celsius developments

The Celsius Network is continually expanding its feature set. It recently added an integration with Simplex to provide instant fiat on-ramps for its users. In Jan, it began offer compounding interest on users' loans.

Celsius CEO Alex Mashinsky often shares his thoughts on the manufacture. In December he criticized the centralization of social media, pointing to blockchain as a possible solution.