Chainlink was selected by Celsius Network as the core method through which Celsius will further decentralize its operations.
Celsius Network , the industry-leading cryptocurrency interest income platform with more than $600MM in assets, announced that it is forming a long-term partnership with Chainlink, 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.
Read More: ai Empowers MarketAxess to Innovate and Inform Trading Strategies
“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.”
