Fireblocks announced today; it is helping the crypto lending firm to protect at $400 million assets on its platform. This includes about 53,000 active wallets, both the retail and institutional division.
Nuke Goldstein, the CTO of Celsius Network, which provides interest and digital asset loans in over 150 jurisdictions worldwide, comments:
"We spent months testing the Fireblocks platform to ensure it aligns with our stringent technology and security requirements. We concluded that the Fireblocks platform provides the type of advanced security we want for our members."
Fireblocks' platform met the requirements by Celsius engineering and operations team for a customizable solution that fits their use cases. Notably, the platform can securely transfer assets across exchanges, wallets, counterparties, and custodians.
It keeps the assets readily available through patent-pending chip isolation security and MPC technology, according to the report.
Using the console and robust APIs support from Fireblocks, the crypto lender provides retail customers with enterprise-grade security. It enables institutional customers faster and safer access to funds, and to protect their interest-earning accounts.
"With Fireblocks, we can securely and efficiently manage a multitude of digital assets across a wide range of lending venues all from one platform." The CFO of Celsius Network, Young Cho added.
In no doubt, Celsius is revolutionizing retail financial services. It disrupted the entire industry by offering a solution for users to earn up to 10% APR on their assets.
It also allows access to the lowest rate of cash loans in the industry, unlike the past. For over ten decades, centralized banks rather extract value from retail customers. They provide value only to shareholders and the wealthiest .01%.
The platform also enables crypto holders to earn interest as they transfer their coins to their Celsius Wallet.