Celsius Network and Chainlink Form Long Term Partnership to Create Superior Financial Platform through Decentralization
Chainlink was selected by Celsius Network as the core method through which Celsius will further decentralize its operations; Celsius Network was chosen to manage a portion of Chainlink’s BTC and ETH funds in its unique interest-bearing wallet.
LONDON, March 30, 2020 /PRNewswire/ — Celsius Network (https://celsius.network/), the industry-leading cryptocurrency interest income platform with more than $600MM in assets, announced today that it is forming a long-term partnership with Chainlink (https://chain.link), the market-leading decentralized oracle network. This deep partnership serves as a key way to further Celsius’ overall decentralization through the use of Chainlink’s world-class decentralized oracles. It enables Celsius to move towards a new level of security and reliability using Chainlink’s unique approach to decentralization. Chainlink will also use Celsius’ highly secure and innovative treasury management solution for its BTC and ETH cryptocurrencies. This allows Chainlink to benefit from the crypto rewards available through the Celsius interest income platform. More details about the integration to be released in the coming weeks.
With the shared mission of making financial services fair, rewarding, and transparent, Celsius and Chainlink aim to disrupt the current financial infrastructure by leveraging decentralized services that serve consumers’ best interests. To facilitate Celsius’s very important move towards decentralization, Celsius will use and support Chainlink’s Price Reference Data to calculate interest payment amounts to users in a more decentralized, transparent and highly secure approach, creating a smart contract audit trail of its lending operations. This will ensure that all Celsius interest payments are now relying on the increased security of a highly decentralized network of independent, security reviewed, and Sybil resistant Chainlink nodes.
“We are excited to work with an industry pioneer like Celsius, backed by a highly experienced technical team of successful entrepreneurs,” stated Sergey Nazarov Co-founder of Chainlink. “We are very excited about working with Celsius to quickly and efficiently achieve increased decentralization in their system, which will benefit both their overall security and their users’ overall interest payment returns over the long-term.”
“Integrating Chainlink’s industry-leading decentralized oracle technology is the key step in the continued decentralization of Celsius. Partnering with Chainlink helps solidify our mission to bring revolutionary financial services to millions around the world,” said Alex Mashinsky, CEO of Celsius Network. “Furthermore, we are honored to provide world-class treasury management for Chainlink, giving them secure custodial services and interest-bearing opportunities.”
Chainlink helps blockchain developers quickly and securely launch data-enabled applications or Price Reference Data Contracts on mainnet today. Visit the developer documentation, join the technical discussion on Discord, or reach out to us here.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. It is well known for providing highly secure and reliable oracles to large enterprises (Google, Oracle, and SWIFT) and leading smart contract development teams such as Polkadot/Substrate, Synthetix, Loopring, Aave, OpenLaw, Conflux, and many others. Learn more by visiting the Chainlink website or following on Twitter.
About Celsius Network
Celsius Network addresses the financial needs of today’s consumers worldwide through a high interest income and low cost loans accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the depositor community, Celsius is a Blockchain-based marketplace platform where membership provides access to curated financial services that are not available through traditional financial institutions. For additional information please visit www.celsius.network
SOURCE Celsius Network