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July 17, 2019 –– Orbs, a hybrid proof-of-stake blockchain, announced today it is joining the Celsius Network. Now, anyone using the Celsius wallet can stake the ORBS token.
For many network participants, staking requires a level of time and knowledge that makes it difficult to participate, together Orbs and Celsius are making it easier to stake. A leader in the DeFi space, Celsius Network provides members with curated services such as staking-as-a-service. Orbs will be incorporated into staking-as-a-service and later be fully incorporated into the lending, borrowing and payments services already offered on Celsius’ platform, giving token holders better options.
“Our community has a deep understanding of decentralization, open-source development and token economics,” said Daniel Peled, Co-Founder and President of Orbs. “Adding staking support for the ORBS token through the trusted Celsius system will bring a vast network to Orbs, allowing us to strengthen our network security, as more stakeholders take part in Orbs’ decentralized ecosystem.”
Celsius Network, with more than $300 million in assets backed by custodian BitGo and more than 30,000 active wallets, allows users to earn up to 10% interest on crypto held in their wallet. This new form of banking on the blockchain allows customers to easily deposit, borrow and earn interest with a variety of cryptocurrencies including ORBS token. Interest is currently paid in-kind with future plans to add lending from fiat to the ORBS token on the Celsius platform.
“We’re doing our part to add hundreds of millions of new users to the digital asset community by offering innovative, customer-centric financial services, including borrowing and lending,” said Alex Mashinsky, Celsius Network CEO. “When it comes to proof-of-stake, many cryptocurrency holders might not have the time or expertise required to stake, which would leave them missing out on potential rewards. We’re changing that with a secure and sustainable solution. We partnered with Orbs because it met our high standards for market liquidity, team make-up, professionalism, network security, fair distribution, and delivery excellence.”
The two companies that are leading the way in mainstream adoption, in enterprise and DeFi respectively, have another interesting thing in common: Israeli founders. Though it is a US based company, Celsius has an office in Israel and its founders, Alex Mashinsky and Daniel Leon have lived both in Israel and the United States. Orbs President Daniel Peled said it is no coincidence that the Korea First strategy has resonated especially with Israeli founders: “Because Israel is small, but with great innovation, we’ve always been very strategic in our global go2market. While American companies focus solely on the US for its market by default, Israeli entrepreneurs canvas the world to find the most advanced markets. In crypto and blockchain, Korea is definitely the leader.”
Orbs is a hybrid proof-of-stake (PoS/DPoS hybrid) blockchain with staking incentives for token holders. The company was recognized as an emerging vendor by world-leading research firm Gartner, as one of four companies named as “Cool Vendor in Blockchain Technology” in 2018.
Orbs is public blockchain infrastructure designed for businesses looking at trust as a competitive strategy. With blockchains as the new standard for impartial third-party source of verification, solutions can give strong guarantees that will make them more attractive to their users and ecosystem partners. To accommodate business needs, Orbs is pioneering a hybrid consensus architecture, keeping businesses in control of costs, governance and guaranteed performance, while still capturing the disruption of a truly decentralized Proof-of-Stake ecosystem with a permissionless validator pool. Founded in 2017, Orbs is being developed by a dedicated team of more than 60 people out of its offices in Tel Aviv, Israel; San Francisco, California, Singapore and Seoul, South Korea. Orbs was named Gartner's “Cool Vendor in Blockchain Technology” for 2018.
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.
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