The CEO and founder of Celsius, Alex Mashinsky, told Cointelegraph about the rationale behind the partnership:
“Celsius wants to be more transparent and more decentralized and that is the main driver for partnering with Chainlink.”
Celsius will provide treasury service to Chainlink, managing “several million dollars” worth of cryptocurrency. Mashinky stated that his company is paying out weekly interest on their deposits to the partner while Chainlink is able “to borrow dollars when they need them so they do not have to sell coins”.
“I think many teams could benefit from reexamining an incremental/gradual approach to decentralizing their financial product/application, people might think decentralization is a binary decision, because that’s what it looked like when they started building their application. They might think “either I go fully decentralized or fully centralized”, they don’t always consider a middle path where they can gradually decentralize their application.”
According to Mashinsky, not a single institutional client of Celsius defaulted during the recent market meltdown. Perhaps, further decentralization of its technological stack will make the company even more robust.