Cryptocurrency businesses worldwide are continuing to integrate fiat onramps into their operations in an effort to make it easier for customers to jump into crypto.
United Kingdom-based cryptocurrency lending startup Celsius Network has launched in-app crypto purchases via a new partnership with Simplex, according to a Feb. 18 announcement.
Simplex, a popular fiat-to-crypto payments provider servicing major crypto exchanges like Binance, will now unlock direct crypto purchases for Celsius app users.
Celsius clients will now be able to buy cryptocurrencies like Bitcoin (BTC) and Ether (ETH) via credit or debit cards. Similar to other Simplex-powered fiat onramps, the new feature supports major credit card issuers including Visa and Mastercard.
The U.S. dollar is the only fiat currency accepted at launch
Apart from providing Celsius users with in-app crypto purchases, the new partnership will significantly cut the cost of unloading Bitcoin on the platform. According to Celsius, the addition of Simplex cuts transaction fees by at least 50%, providing crypto purchases through credit cards at a 3.5% fee.
At launch, Celsius will only accept the United States dollar for the new payment option, a company spokesperson said in an email to Cointelegraph. Additionally, the amount of monthly crypto purchases will be limited at $20,000.
Founded in 2014, Simplex has emerged as a major crypto-enabled payment processor. On Feb. 14, Simplex unlocked 15 new fiat currency payment options for Visa and Mastercard purchases on major cryptocurrency exchange Binance. Previously, Simplex provided its services to major fiat-crypto trading platform OKCoin as well as Singapore-based crypto exchange KuCoin.
Total crypt loan origination on the Celsius Network reached $4.25 billion in late 2019.
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.