Jump to content

Celsius will no longer reward US XRP holders.


 Share

Recommended Posts

Due to recent developments and current regulatory uncertainty, Celsius will no longer be able to offer rewards on XRP for US-based customers until further notice. 

 

This change will take effect beginning this Friday, April 9, 2021 at 05:00:00 UTC. You will still receive rewards for the current accrual period, and your final XRP rewards payment will be reflected in your Celsius account with our weekly rewards distribution this coming Monday, April 12, 2021. 

 

You can continue to hold XRP in your Celsius account, but you will no longer earn rewards on your XRP balance, and the reward rate will be reduced to 0% APY in the Celsius app. XRP withdrawals are available, and existing loans secured with XRP will not be affected. 

 

At this time, we are unable to provide additional information on if or when US-based customers will be able to earn on XRP with Celsius in the future. We will provide any updates as they are available.

Edited by jMusic
Link to comment
Share on other sites

  • jMusic changed the title to Celsius will no longer reward US XRP holders.
Posted (edited)
4 hours ago, RobertHarpool said:

Yeah ... I was just about to post this. Talk about out-of-the-blue!! I wrote Celsius an email, for whatever good that would do. 

Got an account there? Couldn't hurt to let them know what you think ...

Screen Shot 2021-04-08 at 9.48.45 AM.jpg

Good idea...can't hurt to tell them they have made a bad business decision.

Edit : I would add some verbiage to prevent them from using your xrp balance to profit, eg. I wrote at the end of my email to them...

I trust that if you continue on this path that you will attest and guarantee that you will not be using my XRP balance in any business transaction, eg. loaning for profit or collateral against other financial instruments.

Edited by jMusic
Link to comment
Share on other sites

6 hours ago, EasterBunny said:

@RobertHarpool I haven't heard that Nexo de-listed, or was planning on delisting XRP. Was there a link in your image that you can share? Was it a link to a lawsuit against nexo?

You can deposit, withdraw, and earn interest on XRP in Nexo. You can't trade it on their in-house exchange, use it as collateral for a loan, or use it to repay a loan.

The guys who got liquidated had maxed out their loans against XRP and used the loans to buy more XRP. They had no other funds that they could have used to either pay off the loan or put up as collateral. Basically, they were using Nexo in the riskiest way possible.

Without any prior notice, Nexo stopped accepting XRP for loan repayment, leaving these guys stuck. Nexo has the right to change their terms and conditions at any time (and they have a history of doing so suddenly, without warning). Now those guys who were all in and overleveraged were stuck, and when the price tanked a few days later they got liquidated. I think the way Nexo handled this was an absolute dick move. They could have given people one week's notice to give them time to pay down their loans before they stopped accepting XRP. Hell, even Coinbase, who has never had a good relationship with Ripple, didn't de-list until almost a month after the SEC announcement.

I don't think there's any heroes or villains here. Everyone involved made the worst possible decisions which resulted in an outcome that could have easily been prevented.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share


×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.