Celsius Network, the industry-leading interest income platform, announced in its quarterly update that it has more than doubled its interest payments in three months. This is another signal of the crypto lending industry’s continued growth, as more funds are attracted by decentralized finance (DeFi) operations.

Crypto Loan Interest Hit $11 Million

According to the report, Celsius paid over $11 million worth of Bitcoin (BTC), Ether (ETH) and other cryptocurrencies as total interest income. This is a staggering increase of 120% from just $5 million figure reported on November 2019.

The report revealed that, Celsius manages $730 million in customer deposits and loan collateral, an increase of 62 percent from the $450 million figure of the last report.

Also since November, the total value of outstanding loans has increased by 46 percent, totalling $6.2 billion. This figure is counted in current prices for the BTC and is influenced by its price increase.

As of November, the user count has also increased from 50,000 to 75,000.

Growth Of Crypto Lending

The whole crypto-lending industry has been on the rise. It is divided into companies that provide crypto lending, such as Celsius and BlockFi, and Ethereum-based decentralized finance.

While DeFi uses smart contracts and blockchain oracles to power its lending activity, both offer mostly the same services.

Recently, the amount of funds locked at DeFi has exceeded $1 billion. Most of them are locked up with MakerDAO (MKR) as a collateral as part of a mechanism to generate Dai (DAI), a decentralized stablecoin in the US dollar.

Celsius competitors like BlockFi also posted strong growth, indicating that the lending industry is increasing its value rapidly.

Celsius Network keeps expanding its feature set. It recently added an integration with Simplex to give its users instant fiat on-ramps. It started offering compounding interest on the loans from users in January.

Celsius CEO Alex Mashinsky frequently expresses his views on the industry. He criticized social media centralisation in December, pointing to blockchain as a possible solution.

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