Celsius Network, a crypto lending and borrowing platform, announced on Monday its partnership with Chainlink, a blockchain analytics firm.
The partnership deal was linked to further decentralize Celsius’ offerings. It will further allow Celsius to strengthen its security and reliability for lending services.
Detailed as “long-term partnership,” Celsius will use 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.”
Moreover, Chainlink will also utilize treasury management solutions to boost its Bitcoin and Ethereum-based services and will introduce crypto rewards to its customers through Celsius’ services.
Commenting on the partnership, Alex Mashinsky, CEO of Celsius Network, said: “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.”
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“Furthermore, we are honored to provide world-class treasury management for Chainlink, giving them secure custodial services and interest-bearing opportunities.”
Enabling HODLers to earn interest
Established in 2017, Celsius is one of the major crypto lending platforms and has added a number of digital currencies to its offering list over the years. The platform also raised $50 million in 2018, showing the market appetite for such services.
Chainlink, on the other hand, is used by many crypto players to secure their platform. Notably, decentralized finance (DeFi) platform bZx integrated Chainlink’s solutions recently following the major hack, costing $1 million worth Ether.
“We are excited to work with an industry pioneer like Celsius, backed by a highly experienced technical team of successful entrepreneurs,” Sergey Nazarov, co-founder of Chainlink, added. “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.”