Crypto lending platform, Celsius Network, has announced a long term partnership with Chainlink.
According to a press release, the partnership will provide Celsius access to Chainlink’s price data feed oracles. Over time, the partnership aimed at implementing new levels of security and ensuring reliability.
Speaking on the partnership, founder and CEO of Celsius Network, Alex Mashinsky, pointed out that transparency and decentralization on the crypto lending platform were the main reason for the partnership.
Mashinsky also stated that, for now, the loan platform would start by making use of Chainlink’s Oracles. Plans were, however, in place to move transaction on-chain to improve general transparency on their network, he added.
His statement reads, “Integrating Chainlink’s industry-leading decentralized oracle technology is the key step in the continued decentralization of Celsius”. Mashinsky also expressed his belief that this partnership would “solidify our mission to bring revolutionary financial services to millions around the world”.
More on the partnership
The strategic partnership is also going to be very important for Chainlink. It stands to benefit from the secured and ingenious treasury management service for BTC and ETH that Celsius provides. Also, this would give Chainlink the option to earn rewards via the network’s interest platform. As a result, it would now be able “to borrow dollars when they need them so they do not have to sell coins”.
Both platforms were looking forward to a world where financial services wore fair, transparent and rewarding. In a bid to achieve this, Celsius plans to employ Chainlink’s Price Reference Data. This would lead to all interest calculations for the users made by creating a smart contract trail of its lending operations.
Furthermore, Celsius would ensure that all interest payments made were done based on Chainlink’s decentralized, secured and Sybil resistant nodes.
The Oracle solution provider’s CEO, Sergey Nazarov expressed his and the entire team’s pleasure at the opportunity to work with a platform like Celsius. He felt that together they hoped to achieve speedy decentralization in the loan platform’s ecosystem. This is considered the key to improving security and better interest rates in the long run. Nazarov was speaking about the alliance with Celsius and the value addition it would provide.
About Chainlink and Celsius
Chainlink is known as arguably the best-decentralized Oracle platform available today. A lot of key industry players have been employing its services recently. Chief among them are multi-asset DeFi platform, Kava, and blockchain firm, Solana. Also, Chainlink entered into a partnership with Chiliz to create sports collectibles and NFTs.
Launched in 2017, Celsius has emerged as one of the top lending platforms in the market supporting a wide range of crypto assets. In 2018, it had raised a whopping $50 million.
In our recently launched interview segment on YouTube, we had an interesting and informative chat with the Celsius Network CEO about Bitcoin price, the cryptocurrency market and also the platform’s plans for the future.