Celsius Network Partners With Chainlink to Increase Decentralization

Zain  |  Mar 30, 2020

Celsius network, a leading platform has decided to enter a new partnership with an oracle provider, to make the crypto asset calculation in its price feeds, less centralized. On Monday, Celsius joined hands with Chainlink. Chainlink CEO Serey Nazarov said given how Chainlink connects smart contracts with the real world, and this decision would be a middle pathway to decentralization.

Possessions almost $600 in assets, Celsius offers an above-average interest rate on bitcoin, ethereum and other cryptocurrencies. In the new agreement, Chain would be placing a part of its bitcoin and ethereum portions under the treasury management service or crypto.

Chainlink was launched via an ICO which generated token sales of $32 million in 2017. By compressing data into one price feed, and meshing the smart contracts on and off into chain data, Chainlink provides pricing data for cryptocurrencies.

Chainlink's Primary Aim

Decentralized Apps (DeFi) have become a primary target of Chainlink given the growing robust nature of oracles over the other pricing data solutions. It had a new member Polkadot, a month ago and it was its first non-ethereum based partner.

Chainlink joins the list of Litecoin and other crypto entities who deposit funds for interest accrual. Nazarov went on to highlight the importance of this and stated: “Integrating Chainlink’s industry-leading decentralized oracle technology is the key step in the continued decentralization of Celsius [and] helps solidify our mission to bring revolutionary financial services to millions around the world,” said Celsius CEO Alex Mashinsky in a statement.

The partnership comes after a series of hectic weeks for crypto lending markets, who witnessed millions in collateral called in to add more solidity to outstanding loans. The day of bitcoin blood bath, on March 12th, was termed as the best day ever by Mashinsky as the firm saw the highest number of loans completion ever recorded, and also record-breaking interest rate on some cryptocurrencies.

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