Celsius Network Partners with Stellar via Lightyear.io to Support ICOs

Celsius Network, a blockchain-oriented startup that offers crypto borrowing and lending solutions, is teaming up with Lightyear.io to become a lending and borrowing partner for initial coin offerings (ICOs) conducted on the Stellar network. Lightyear.io commercializes ICO projects in the Stellar ecosystem and will help Celsius get closer to it. Stellar is the blockchain system of choice for hundreds of promising projects that require access to capital to jump-start their businesses.

Celsius Network CEO Alex Mashinsky commented:

“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 Lumens (XLM) and other Stellar-powered tokens to its wallet on Android and iOS apps. By the end of 2018, the company intends to enable its clients to generate interest on deposits in Stellar-based tokens.

Stellar Lumens has become the third-most popular cryptocurrency on Bitcoin IRA, the largest cryptocurrency individual retirement account (IRA) in the world. Bitcoin IRA allows users to buy Bitcoin and other digital currencies for their retirement accounts. Besides Bitcoin and Stellar Lumens, the platform lets clients purchase Ether, ZCash, Litecoin, Ripple, Ethereum Classic, and Bitcoin Cash. Stellar was added in June 2018, and it quickly became preferred among users.

Bitcoin IRA chief operating officer Chris Kline said:

“We just launched Stellar Lumens and Zcash this past June, and it's exciting to see both coins take off so quickly. With so much momentum in the crypto sector in recent months, I feel confident that the bull market is here to stay.”

Despite the favorable news and partnerships, Stellar Lumens has lost over 17% in the last 24 hours to $0.202. The downtrend comes amid a general bearish movement led by Bitcoin, which turned red after the Securities and Exchange Commission (SEC) moved the decision date for the CBOE ETF to September 30.