NEW YORK, Aug. 7, 2018 /PRNewswire/ -- Celsius Network, a community-based P2P startup, provides access to borrowing and lending for digital currency holders. 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.
Working in conjunction Lightyear.io, a software company that commercializes projects in the Stellar ecosystem, Celsius Network 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.
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.
Celsius Network is a blockchain-based Fintech startup which provides members access to borrowing dollars using their cryptocurrency as collateral. 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. Our focus is always on our members. Celsius borrowing and lending products are designed to work in the best interest of its members instead of trying to make as much profit as possible.
Lightyear.io is a software company that develops applications and infrastructure for the Stellar ecosystem. It supports global partner activities, including the commercialization of projects for the Stellar network, a free, open-source financial protocol that connects diverse financial systems. The company, which was founded by Brit Yonge and Jed McCaleb, co-founder of Stellar.org, is aligned with Stellar.org's primary mission of creating an open and public financial infrastructure, enabling more access for individuals, lower costs for banks and more revenue for businesses. For more on Lightyear.io, please visit www.lightyear.io.
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SOURCE Celsius Network LTD