Celsius Secures Backend Pricing of Crypto Using The Chainlink, A Major Leap in CeFi Decentralization

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 l**** to users based on a fully decentralized and transparent pricing mechanism.

Recommended AI News: Ada Launches Smart Search To Enable Consistent And Holistic CX Across All Brand Interactions

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 l**** 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.

Recommended AI News: Parks Associates: On Average, Cord-Cutters Are Spending $85 Per Month On OTT Services

“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 l****.”

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.

Recommended AI News: Daily AI Roundup: The 5 Coolest Things on Earth Today