Celsius Secures Backend Pricing of Crypto Using The Chainlink, A Major Leap in CeFi Decentralization
HOBOKEN, N.J., Aug. 5, 2021 /PRNewswire/ -- Celsius, the leading global cryptocurrency yield-earning platform is now leveraging the industry-leading Chainlink Price Feeds to increase reliability of price feed for our backend systems. The deeper integration with Chainlink involves the use and sponsorship of over 90 decentralized price feeds, making it one of the first times a CeFi platform is issuing loans to users based on a fully decentralized and transparent pricing mechanism.
Celsius selected Chainlink to help facilitate our move towards decentralization because Chainlink's Price Feeds are thoroughly time-tested in production, successfully securing tens of billions of dollars in value through even the most extreme market volatility. Chainlink Price Feeds supply high-quality data on all platform assets and are backed by robust infrastructure that has proven to be highly resilient during unexpected events, such as top cryptocurrency exchanges experiencing downtime, flash crashes, and data manipulation attacks. This is one of the many steps Celsius plans to take as part of its overall focus on decentralization.
The result of the integration is a seamless union between CeFi and DeFi—Celsius continues to provide users with an impeccable customer experience for accessing low cost loans and earning high yield, while Chainlink decentralizes a core part of the Celsius backend system to bring unprecedented guarantees around fair and transparent pricing of crypto assets.
"We're excited to deepen our integration with Chainlink, bringing newfound decentralization and transparency to the CeFi space. Users will now rely directly on Chainlink Price Feeds to determine the size of collateral they provide when borrowing through Celsius, the first step in a deeper backend integration of Chainlink and Celsius," stated Alex Mashinsky, CEO of Celsius. "Chainlink Price Feeds have demonstrated industry-leading data quality and infrastructure, helping Celsius evolve to meet the growing global demand for crypto loans."
The upgrade to Chainlink Price Feeds will not only further decentralize Celsius, but it will make the Celsius price data more robust during market volatility or centralized infrastructure failures. Celsius will reference Chainlink Price Feeds every time a user supplies collateral to obtain a loan, effectively determining their borrowing rate.
About Celsius
Celsius helps hundreds of thousands of consumers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Built on the belief that financial services should only do what is in the best interest of the customers and community, Celsius is a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. For additional information please visit www.celsius.network and download the Celsius app today.
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About Chainlink
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
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SOURCE Celsius Network
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