Celsius, Chainlink Enter into a ‘Long-Term Partnership’
Celsius Network, a cryptocurrency lending and borrowing platform, announced Monday its partnership with Chainlink (a blockchain analytics company).
This partnership agreement was made to further decentralize Celsius’ offerings. This partnership deal will allow Celsius to increase its security and reliability in lending services.
Detailled as a “long-term partnership”, Celsius will use Chainlink Price Reference Data to calculate interest payments amounts to users in “more decentralized and transparent” ways. This creates a smart contract audit trail for its lending operations.
Chainlink will use treasury management software to increase its Bitcoin- and Ethereum-based services. It will also offer crypto rewards to its customers through Celsius’s services.
Alex Mashinsky (CEO of Celsius Network) commented on the partnership. “Integrating Chainlink’s industry-leading, decentralized Oracle technology is the key to the continued decentralization at Celsius.” Our mission to provide revolutionary financial services to millions of people around the globe is strengthened by our partnership with Chainlink.
“Furthermore we are proud to provide Chainlink with world-class Treasury Management, providing them secure custodial and interest-bearing services.”
Allowing HODLers Earn Interest
Celsius was established in 2017 and is one of the most prominent crypto lending platforms. It has added many digital currencies to its offerings list over the years. In 2018, the platform raised $50 million, demonstrating market demand for these services.
Many crypto players use Chainlink to protect their platforms. After the hack that cost $1 million Ether, decentralized finance platform (DeFi) bZx recently integrated Chainlink’s solutions.
Sergey Nazarov (co-founder of Chainlink) said, “We are excited about working with an industry pioneer such as Celsius, backed up by a highly skilled technical team of successful entrepreneurs.” We are excited to work with Celsius to achieve greater decentralization in their system quickly and efficiently, which will benefit their overall security as well as their long-term interest payments returns.