Celsius integrates Chainlink to its pricing services
Celsius is the new client of Chainlink oracles. They announced a new integration that will connect Chainlink's oracles with pricing services. Decentralized pricing will act as critical components in Celsius services.
"The integration encompasses the use and adoption of 35 Chainlink pricing channels for many of the major cryptocurrencies, stablecoins and exchange rates," according Celsius.
Decentralized financial services are increasing in the current year. Many companies provide innovative financial solutions for users seeking more transparency in managing their money.
Celsius is one of those companies that offers high-interest, low-cost loans on a blockchain-based mobile app. They needed access to accurate prices to offer better services. Due to Chainlink's leadership position and their decentralized nature in the oracles, Celsius chose them.
Providing accurate pricing data to financial users is critical to gaining their trust. Celsius executives know this very well.
"Price is a potential attack vector, and we take it very seriously", said Celsius CTO Nuke Goldstein, "The integration of Chainlink's highly secure and reliable oracles is an important addition to strengthening our fortifications, as well as providing our users with higher levels of price transparency that drive our financial products and services."
Celsius will use Chainlink's pricing on several vital components of its platform. The decentralized oracles will be used in the Celsius Explorer app, which offers obvious transaction checking for customers. The other important use case will be in the users' back-office systems that will help them to set the price of cryptocurrencies in loan / debt operations.
The following integration phases cover the calculation of weekly rewards and the precise prices of Ethereum gas. Increasing overall transparency and trust in Celsius services has been very important to executives when looking for Oracle vendors.
"Our partnership with Chainlink is a key factor for the gradual decentralization and greater transparency of the Celsius platform as a whole", says Celsius CEO Alex Mashinsky. “Rather than completely overhauling our successful business model, we can use Chainlink to decentralize critical pieces of our systems like pricing, monitoring, and in-app functionality, while retaining the same lucrative benefits that are provided to Celsius users, like weekly rewards and low-cost loans.
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