Celsius Network, a blockchain-based Fintech startup which provides members access to borrowing dollars using their cryptocurrency as collateral, has announced its strategic partnership with Lightyear.io, a software company that commercializes projects in the Stellar ecosystem.
Celsius Network provides access to borrowing and lending for digital currency holders. The company will be a lending and borrowing partner for ICOs rolling out on the Stellar blockchain. Hundreds of exciting projects are using Stellar and will need access to dollars to scale their businesses.
Members of the Celsius Network can also earn interest on their digital currency deposited with Celsius. We're developing a new wave of financial products to the digital currency market in order to bring the next 100 million people into blockchain.
Celsius plans to eliminate the need to access expensive lending services from banks and the gray market, and to revolutionize the use of digital assets as collateral by allowing users to easily borrow dollars against their crypto holdings.
Alex Mashinsky, CEO of Celsius Network, said,
“Stellar Development Foundation's goals and our own are perfectly aligned. We're both looking to bring in a new era of blockchain banking to both the developed and developing world and we're excited to empower the next wave of crypto startups.”
Celsius will soon add Stellar Lumens and other Stellar-based tokens to the Celsius wallet on their Android and Apple apps. Later this year, Celsius plans to offer its users the ability to earn interest on their deposits of Stellar-based tokens.
“We're excited to work with Celsius to help the growing number of projects on Stellar to get access to the cash they need to run their businesses without having to sell off the crypto they worked so hard to raise,”
said Boris Reznikov, director of partnerships at Lightyear.io