Celsius Successfully Integrates Chainlink Oracles as Key Component of its Pricing Services
October 29, 2020 Celsius announces today that the firm has successfully integrated Chainlink’s decentralized Price Feeds to power its internal systems as a key component of its pricing services. The integration encompasses the usage and adoption of 35 Chainlink Price Feeds for many of the top cryptocurrencies, stablecoins, and FX rates.
“Pricing 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 strengthen our fortifications, along with providing our users with heightened levels of transparency on the price feeds powering our financial products and services.”
Chainlink’s Price Feeds now power multiple crucial parts of the Celsius ecosystem, including within the Celsius Explorer App enabling users to check their balances and transactions, in their back-office systems to price cryptocurrencies when determining lending/borrowing rates, and upcoming integrations that will calculate users’ weekly rewards and provide up to date Ethereum gas prices.
“Our partnership with Chainlink is a key driver to the gradual decentralization and increased transparency of the Celsius platform as a whole,” says Celsius CEO Alex Mashinsky. “Instead of completely overhauling our successful business model, we are able to use Chainlink to decentralize critical pieces of our systems like pricing, monitoring, and in-app functions, while retaining the same lucrative benefits afforded to Celsius users, such as weekly rewards and low cost loans.”
The integration makes Celsius one of the most reliable ways to earn consistent rewards on your assets with strong protection over those assets, while simultaneously achieving unparalleled levels of transparency compared to the opaque traditional financial services of today.
We selected Chainlink as a critical part of our pricing services because it provides:
- High Quality Data — Price data is sourced from a multitude of premium data aggregators like Amberdata and BraveNewCoin, which ensure price feeds have strong market coverage across all trading environments without relying on any single source of truth.
- Secure Infrastructure — Its price feeds are secured by a decentralized network of independent, security reviewed, and Sybil resistant node operators run by leading security terms such as Deutsche Telekom subsidiary T-Systems.
- Industry Leader — Chainlink Price Feeds are the most widely adopted and time-tested decentralized price oracle solution available, already securing billions of dollars in USD value throughout the DeFi and Cefi ecosystems.
- Transparent Processes — All decentralized price feeds are supported by transparent and intuitive visualizations, which allows our users to independently monitor the real-time performance of price feed networks and its oracle nodes to ensure they are always getting a reliable and accurate market price.
We look forward to continued integrations with Chainlink as we look to incrementally decentralize our platform and bring even more transparency to our users. Through our work together, Celsius can offer users a superior experience and higher yields, all while ensuring user funds are always secure and monitored in real time. The current selection of Chainlink Price Feeds now being used in-production are the USD exchange rates for ETH, BTC, DASH, BCH, BSV, LTC, ZEC, XRP, BTG, XLM, OMG, TUSD, GUSD, PAX, USDC, DAI, CEL, ZRX, ALGO, LEO, EOS, SAGA, GBP, AUD, HKD, CAD, XAU, ETC, BAT, BUSD, KNC, LINK, LPT, MATIC, and SNX. We are excited to see how our integration will expand into the future
“Integrating Chainlink’s highly secure and reliable oracles to power our pricing services and further the decentralization of our platform was a no-brainer as key component of the evolution of Celsius,” said Alex Mashinsky, CEO of Celsius Network. “Chainlink is a market leader in providing trusted oracle solutions, and we are excited to be able to leverage it to continually improve our products by increasing transparency and enabling the onboarding of the next generation of users looking for high yields and new revolutionary financial services.”
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high quality data sources from other blockchains as well as real world data. Managed by a global, decentralized community of hundreds of thousands people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Celsius Network addresses the financial needs of today’s consumers worldwide via a mobile app. Built on the belief that financial services should only do what is in the best interests of the depositor community, Celsius is a Blockchain-based marketplace 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