Blockchain-based fintech company aims to improve digital currency market

Celsius partners with Stellar to improve the use and access to digital assets via blockchain banking

8Aug

Blockchain-powered digital wallet Celsius has entered into a strategic partnership with Stellar Networks' app and infrastructure developer Lightyear.io to enhance the global system for trading security tokens and tokenized assets.

Celsius Network CEO Alex Mashinsky 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."


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The partnership hopes to eliminate the use of costly bank and gray market loan services by offering a lending and borrowing partner service for ICOs using Stellar's blockchain technology, and will aim to provide users access to borrow money against their crypto holdings.

Additionally, Celsius hopes to integrate Stellar Lumens, Stellar's cryptocurrency, as well as other Stellar-based tokens within Celsius' wallet, accessible via apps, with plans to potentially offer users to gain interest on the tokens.

According to Forbes, Celsius "is one to keep an eye on. This FinTech startup is primed to disrupt traditional banking".

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Sources

Written by Innovation Enterprise Digital Content Editor, Simorin Pinto

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