Celsius is the new customer of Chainlink oracles. They announced a new integration that will connect Chainlink oracles to the pricing services. The decentralized price feeds will act as critical components in the Celsius services.
“The integration encompasses the usage and adoption of 35 Chainlink Price Feeds for many of the top cryptocurrencies, stablecoins, and FX rates,” according to Celsius.
Decentralized financial services are on the rise in the current year. Many companies are providing innovative financial solutions for users looking for more transparency in managing their money.
Celsius is one of those companies that provide high-interest income and low cos loans in a blockchain-based mobile app. They needed access to accurate price feeds to give better services. Because of the leading position of Chainlink and its decentralized nature in oracles, Celsius chose them.
Providing accurate price data to financial users is critical in gaining their trust. Celsius execs know it very well.
“Pricing is a potential attack vector, and we take it very seriously,” said Celsius CTO, Nuke Goldstein, “The integration of Chainlink’s highly secure and reliable oracles is an important addition to strengthen our fortifications, along with providing our users with heightened levels of transparency on the price feeds powering our financial products and services.”
Celsius will use Chainlink’s price feeds in multiple vital components of its platform. The decentralized oracles will be used in Celsius Explorer App that offers blatant and transaction checking for customers. The other important use-case will be in the users’ back-office systems that help them price cryptocurrencies in lending/borrowing operations.
The next phases of integration cover weekly reward calculation and accurate Ethereum gas prices. Increasing the overall transparency and trust in Celsius services has been very important for executives when looking for oracle providers.
“Our partnership with Chainlink is a key driver to the gradual decentralization and increased transparency of the Celsius platform as a whole,” says Celsius CEO Alex Mashinsky. “Instead of completely overhauling our successful business model, we are able to use Chainlink to decentralize critical pieces of our systems like pricing, monitoring, and in-app functions, while retaining the same lucrative benefits afforded to Celsius users, such as weekly rewards and low cost loans.”
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