Crypto lender Celsius integrates with Chainlink to decentralize the interest rates

Celsius Network is a lending platform that has subscribed to Chainlink that connects the smart contracts on the Blockchain network to external resources including real-world data, web APIs, real-world events and payment networks. Also Data from other Blockchains, for example, Transaction data from Bitcoin Blockchain to interact with Ethereum smart contract.

Celsius integrates with the Chainlink

As per reports in a telephone interview, the Chainlink CEO Serey Nazarov said Celsius has subscribed to Chainlink, which connects smart contracts with real-world data, as a middle pathway to decentralization. This confirms the news of the collaboration between the Chainlink and Celsius network.

Celsius is offering high-interest rates for cryptocurrencies such as Bitcoin and Ethereum and surprisingly even higher than the interest rates being offered in the market. Celsius is managing assets of almost $600 million and after its subscription of Chainlink, the network is all set to manage the portion of Bitcoin and Ethereum assets of the Chainlink.

Decentralized finance (DeFi) applications have become a prime applicant for Chainlink in the last few months given the more robust nature of oracles over other pricing data solutions

the firm said.

Celsius makes data input decentralize on Chainlink network

According to Nazarov the CEO of Chainlink, more often technical and financial projects take decentralization as a great effort but with all probability, it can be completely opposite.

Furthermore, he said that the Chainlink has added one building block named as “hybrid cloud Blockchain application “ that the projects from now on can use to decentralize. Moreover, last month Polkadot became the first-ever non-Ethereum based Blockchain to integrate with the Chainlink.

We’re allowing [Celsius] to make data inputs decentralized and what this can do is it can create a certain amount of guarantees we can show on chain,

Nazarov said.

Describing the service, he explained:

Here’s the data that you were supposed to compute, here’s the number you would have computed if your computations were working correctly and then here’s the payment output you sent me.

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Adeline G.

Adeline Gibbs works as an analyst and content writer for NewsBitcoin247 and specializes in price analysis and blockchain technology. She is also actively involved in the crypto community - she love to trade and made some extra bucks.

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