The Orbs (ORBS) community announced a new integration today as the project joins Celsius Network, giving token holders access to a new staking-as-a-service (SaaS) facility, with access to other decentralized finance functions coming soon.
Announced this morning, Orbs holders will initially have access only to Celsius’ SaaS. Other services, like payments, borrowing and lending facilities, will be added as Orbs fully integrates into the Celsius platform.
Today’s integration will enable Orbs holders to receive a passive income through Celsius, without the time or technical knowledge required to run a staking node.
Orbs is a semi-decentralized enterprise blockchain built with Ethereum (ETH) software. Unlike private blockchain platforms like Corda and Hyperledger, Orbs’ objective is to convince the business community of the utility of a public blockchain.
With the mainnet launching earlier this year, Orbs utilises a hybrid consensus model that provides incentives for token holders to stake on the network while giving companies – who rely on Orbs’ long-term viability – some control over costs, operations and governance.
As with many other PoS chains, ORBS tokens are used for voting and participating in network governance. They are also used to pay for services, such as reimbursing validators, executing smart contracts as well as for consensus-based storage, according to the whitepaper.
Daniel Peled, Orbs’ co-founder and President, highlighted that the integration with Celsius will open-up staking support and provide “a vast network to Orbs.” By enabling more Orbs holders to stake tokens, Celsius will help strengthen network security.
Celsius Network is a leading provider of decentralized financial (DeFi) services. Its client list has nearly doubled, from 16,000 in early February to around 30,000 today. The company’s custodian partner, BitGo, currently holds more than $300M of digital assets on its behalf.
Celsius CEO Alex Mashinsky believes DeFi can help onboard hundreds of millions of new users into the digital asset market. The Orbs’ integration provides “a secure and sustainable solution” so token holders can participate on the network without missing potential rewards.