Celsius, Chainlink Enter into a ‘Long-Term Partnership’

Celsius Network, a crypto lending and borrowing platform, announced on Monday its partnership with Chainlink, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term 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.”

“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.”