Saga's SGA token added to Celsius Network's interest-earning wallet
- 06.04.2020 01:19 pm
Saga Monetary Technologies (Saga) today announced that its SGA token - the first global, stabilised, digital currency controlled by its holders - has been listed on Celsius Network, a cryptocurrency interest income platform.
The partnership is aimed at market players seeking both a stable store of value and an attractive yield for their funds amid current market turbulence. As of today, SGA holders can earn interest of up to 9.9% APR on their assets. In addition, SGA holders will also be able to borrow cash or stablecoins against their SGA at rates as low as 3.45% and use their assets as collateral. SGA - not a stablecoin, but rather a stabilised coin - mimics the SDR instrument issued by the IMF: a composition of the world’s five most prominent national currencies.
Founded in 2017, Celsius Network manages more than $730 million in customer deposits across over 75,000 active wallets. Celsius is able to offer competitive rates because it consistently earns higher returns on its deposits, and is therefore able to distribute 80% of this income back to its community.
Ido Sadeh Man, Founder of Saga Monetary Technologies said: “Tumultuous times send people looking for solutions that guarantee a degree of safety without losing the prospect of growth altogether. Through the SGA token, users gain access to the same stabilising tools that central banks have been using for decades, and combined with the Celsius network, users can also earn interest on their stabilised assets. We look forward to working closely with the team and building a strong partnership”.
“People have been crying out for a stable currency and dependable source of interest income for years, and in these times of fiat inflation due to unprecedented fiscal stimulus and easy monetary policy, those cries are getting louder,” said Alex Mashinsky, CEO of Celsius Network. “Celsius partnered with Saga the industry leader to join these two domains, and by joining forces, we are providing our communities with something that never existed before and an even better way to protect and grow their wealth.”