Celsius Network announced a new partnership with Chainlink. The company wants to decentralize its operation more, and chose Chainlink as the primary provider of oracle solution to take part in an interest-bearing wallet. Celsius calls the new partnership as a step towards a decentralized financial platform.
Chainlink proudly announced the collaboration on official twitter channel:
“[email protected], an industry leader with $600MM+ in assets under management, will be relying on Chainlink’s decentralized price oracles for their core offering’s interest rate calculation. Providing more decentralization and transparency for their users”.
Moving Toward a More Decentralized Platform
Celsius Networks is a platform that provides interest income for cryptocurrency holders. Users can access to interest income by depositing their cryptocurrency holdings or get loans by using deposits as collaterals. The company wants to make the system more decentralized and, therefore, signed a long-term partnership with Chainlink to use its decentralized oracle solution.
Chainlink will use Celsius treasury management for BTH and ETH holdings. It provides the proprietary project named Price Reference Data for Celsius to calculate the interest rate and the price of holdings more accurately. Celsius claims the new partnership is the best of interest for customers and results in a more decentralized financial ecosystem.
Celsius’s interest payments and lending operations are based on smart contracts. They need accurate data to act and pay users. Chainlink’s decentralized oracle solution provides more precise, security reviewed, and Sybil resistant data.
Alex Mashinsky, CEO at Celsius Network, believes the new partnership will provide more accurate and secure financial services to millions of users around the world.
“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. Furthermore, we are honored to provide world-class treasury management for Chainlink, giving them secure custodial services and interest-bearing opportunities,” said Mashinsky.
Chainlink is also excited to collaborate with Celsius Network. Sergey Nazarov, Co-founder of Chainlink, believes the two teams can use the combined technical expertise to develop more decentralized financial platforms.