Celsius and Chainlink partner
The Celsius Network (CEL) has announced the partnership with Chainlink to integrate its cryptocurrency pricing oracles.
The benefits of decentralization
The Celsius Network (CEL) has announced the partnership with Chainlink to integrate its cryptocurrency pricing oracles. With this association, Celsius will offer treasury management services to the Oracle platform, so the association between these two companies generates mutual benefits for their platforms. Alex Mashinsky, CEO and founder of Celsius, said: "Celsius wants to be more transparent and more decentralized and that is the main driver to partner with Chainlink."
Celsius' goal is to integrate Chainlink's oracles into its network so that it provides crypto price data in a fast and secure way. In this way, Celsius seeks to give its users greater transparency in transactions. Sergey Nazarov, CEO of Chainlink, believes that decentralization is the way to go and said: “I think many teams could benefit from re-examining an incremental / gradual approach to decentralizing their financial product / application, people might think that decentralization it's a binary decision, because that's what it looked like when they started building their app. They may think "either I become fully decentralized or fully centralized", they do not always consider an intermediate path where they can gradually decentralize their application."
During the financial crisis that we are going through, several platforms related to cryptocurrencies had serious difficulties. Mashinsky cites the problems faced by platforms like BitMEX and MakerDAO and assured that the balance of his company is much more solid than that of its competitors. In Mashinsky's words: “BitMEX had to liquidate 90% of its clients, even though they were still making money. We did not have a single [institutional] liquidation. They lend to retail speculators, while we lend to institutions. We proved on the worst day that our model works better than MakerDAO, better than DeFi, better than the Federal Reserve”. No institutional Celsius client defaulted during the financial crisis, demonstrating the robustness of Celsius' finances.