Stellar based Lightyear ‘excited’ to help Celsius with growing number of Stellar-centric projects
Celsius Network, a blockchain-based Fintech startup, has gone arm in arm with Lightyear, a software company that is powered by the Stellar network. In collaboration with Lightyear, Celsius Network strives to be a lending and borrowing partner for ICOs, ‘rolling out on the Stellar blockchain’.
What is Stellar based Lightyear and Celsius planning to achieve?
The news surfaced through a press release, stating that Celsius is striving to revamp the use of digital assets as security ‘by allowing users to easily borrow dollars against their crypto holdings’. It also aims to eradicate the need to access expensive lending services from banks and the gray market.
Stellar, an open-source protocol for value exchange that holds a promising reputation in the market. “Hundreds of exciting projects are using Stellar and will need access to dollars to scale their businesses,” the press release stated.
Celsius, a community-based P2P startup, offers access to borrowing and lending for digital currency holders, will soon add Stellar Lumens and other Stellar-based tokens to the Celsius wallet on their Android and Apple apps. Celsius plans to offer its users the ability to earn interest on their deposits of Stellar-based tokens in the later part of the year.
What are the leaders of the two companies saying?
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.”
“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.
Image via Shutterstock
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